IAG names Cody as general manager of AMI

Matthew Cody takes up his new role on July 1.

BUSINESSDESK: AMI Insurance has named Matthew Cody as general manager following its acquisition by Insurance Australia Group.

Mr Cody is AMI's executive manager information support. He will take up the new role on July 1.

IAG agreed to buy AMI for $380 million in December after the Canterbury earthquakes drained AMI's reserves and drove up reinsurance costs, leading to a government bailout.

Some 18% of AMI’s exposure was in the Christchurch market, despite only 9%of the country’s population living there.

Christchurch had not been previously considered high risk for earthquakes, compared with other parts of New Zealand.