Karl Armstrong is set to step down as acting executive general manager of New Zealand Insurance, effective May 31, Scoop reported March 21, citing a statement by IAG New Zealand Ltd.

Armstrong, who is also executive general manager of risk and underwriting at IAG NZ, plans to retire after starting his career in 1971 with NZI, the publication said.

It added that Garry Taylor was appointed NZI's new executive general manager, effective May 1. He was most recently general manager of claims operations at IAG NZ.

NZI, which is operated by IAG NZ, is a unit of Insurance Australia Group Ltd.