New Ireland Assurance picks managing director
Michael Murphy, a top executive at insurance brokerage and consultancy, Willis Towers Watson, has been named as the managing director of New Ireland Assurance, ending a near-year long search for a leader of the Bank of Ireland subsidiary.
The appointment follows a management shake-up at the life assurance and pensions company in October.
It will be viewed by many in the industry as an effort to draw a line under the misdeeds of the past.
Last July, New Ireland was fined €650,000 by the regulator and reprimanded for two breaches of the Consumer Protection Code.
The Central Bank accused the company of providing incomplete information to consumers about the structure and performance of its investment products. The breaches occurred between July 1, 2012 and November 30, 2014.
Pat Healy, chairman of New Ireland, said Mr Murphy "brings a wealth of experience and knowledge to this important role, and has an exceptional track record of growing businesses and delivering strategic transformation".
He added the appointment "reflects" the board and Bank of Ireland's ambition "to grow our position in this important sector".
The top job at New Ireland had been vacant since April 2016, when Sean Casey resigned after a six-year tenure at the helm. His departure ended a 16-year career with the company.
New Ireland said Mick Sweeney, the interim managing director, will return to a senior position in the Bank of Ireland Group once Mr Murphy takes up the reins in July.