Mr Hawkins thanked Mr Watts for the significant contribution he has made to IAG over the past three years.

“David has driven a big program of work to strengthen risk management and uplift our risk culture across the company. A key achievement is the successful delivery of our risk maturity program which has improved our risk systems, policies and processes, and launched our integrated risk management system,” Mr Hawkins said.

“Having delivered on all these commitments, and with the risk maturity program finishing up at the end of the year, David feels now is the right time to take on a new challenge.”

Mr Watts will continue as IAG’s CRO into the new year. An internal and external executive search process will start soon to replace him.