New Ireland, the Bank of Ireland-owned life assurer, said on Monday it has appointed Michael Murphy as managing director.

Mr Murphy will join New Ireland in July from Willis Towers Watson, where he was managing director and global leader of its risk consulting and software business. Mick Sweeney, who has been acting interim managing director since Sean Casey stepped down last April, will return to a senior position in the Bank of Ireland Group once Mr Murphy assumes the role.

Pat Healy, chairman of New Ireland, said Mr Murphy’s appointment “reflects the ambition of the board of New Ireland – and the Bank of Ireland Group – to grow our position in this important sector and to continue providing excellent customer propositions across all of our distribution channels”.

New Ireland is a significant player in the life and pensions markets with 500,000 policyholders and €15 billion in funds under management.