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IAG (ASX:IAG) share price climbs on new leadership appointment

A new appointment by IAG has shares moving in the right direction today…
The post IAG (ASX:IAG) share price climbs on new leadership appointment appeared first on The Motley Fool Australia. –

The Insurance Australia Group Ltd (ASX: IAG) share price is lifting today. This follows an announcement from the insurance company regarding the appointment of a new chief insurance and strategy officer.

At the time of writing, the IAG share price is up by 0.52% to $4.85 per share. The company’s shares have recovered from a fall at the open. At one point shares were trading 2.48% lower at $4.71.

Appointment made in new role

Australia and New Zealand’s largest general insurance company released an announcement to the ASX today.

According to the release, Mr Tim Plant has been appointed as chief insurance and strategy officer. This is a newly created role that will involve group governance responsibilities across underwriting, claims, and customer experience.

Furthermore, Mr Plant will start in the position before the end of the year. The former Zurich chief executive officer joins IAG with 30 years of experience in the general insurance industry. The lengthy track record might have shareholders optimistic for the future of the IAG share price.

Commenting on the appointment, IAG managing director and CEO Nick Hawkins said:

Tim brings a considerable depth of underwriting and insurance experience, as well as a deep understanding of customer needs through his leadership roles in the Australian and New Zealand general insurance markets. Tim’s experience will further bolster IAG’s leadership and I look forward to welcoming Tim to the team.

Shares in the insurance company have had a mixed day so far, but are currently trading 0.52% higher. For context the S&P/ASX 200 Index (ASX: XJO) is 0.11% lower at the time of writing.

Other IAG share price shifting news

Investors are possibly still feeling tremours from yesterday’s update on a potential asset sale. The IAG share price slipped 2% before the company announced a potential sale of its interest in Malaysian business, AmGeneral Holdings Berhad, after the market closed.

Pending regulatory processes and approvals, IAG could bag $340 million in cash during the financial year. However, the insurance company expects to incur a loss on sale of roughly $901 million. As a result, it intends to realise this loss as amortisation and impairment in its FY21 results.

Despite today’s gain, the IAG share price is down more than 7% over the last month.

The post IAG (ASX:IAG) share price climbs on new leadership appointment appeared first on The Motley Fool Australia.

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More reading

Here’s why the IAG (ASX:IAG) share price is down 7% this last month
IAG (ASX:IAG) share price on watch following asset sale update
Brokers using the lockdown to upgrade earnings forecasts on these ASX 200 shares

What’s weighing down the IAG (ASX:IAG) share price lately?
It’s been a tough month for the IAG (ASX:IAG) share price so far

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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