The two people who foundered Sovereign Assurance in 1981, Ian Hendry and Chris Coon, have both announced their retirements from the company.
Both men plan to leave at the end of the year.
ASB Group has appointed Simon Swanson as managing director designate of Sovereign.
He is currently managing director of Commonwealth Bank’s financial services subsidiary in Fiji, Colonial.
He will take up his new position with Sovereign in October.
Mike Walsh, who is currently group general manager, financial services and planning at ASB, will take over Swanson's role in Fiji.
Hendry and Coon say the time is right to leave Sovereign as the company has successfully integrated its operations with Colonial and it is on a new growth path.
"Sovereign is at the start of a new growth phase as a financial services company, and it is a good time for the next generation of leaders to be given their opportunity," Hendry says.
Hendry has no future business plans, however Coon will become a consultant to Sovereign.
