Nick Hawkins, Managing Director and CEO of IAG, has appointed William McDonnell as the company’s Chief Financial Officer, effective 11 December 2023, subject to regulatory approval.
“William brings extensive experience in financial and capital markets to IAG, and a deep understanding of regulatory environments, finance, risk, and climate risk,” said Hawkins.
“In particular, his expertise in capital strategy and identifying trends and managing climate risk in a global context will play an important part in creating a stronger and more resilient company. I look forward to welcoming William to IAG.”
McDonnell has more than 25 years’ global experience across insurance, finance, capital markets, risk, governance, and regulation. He spent 15 years at general insurer Royal & Sun Alliance Insurance Group (RSA), where for the last seven years he was Group Chief Risk Officer with accountability for several areas, including strategic, underwriting, financial, compliance, and assurance. McDonnell left RSA when it was acquired in 2021 by Danish insurer Tryg and Canada’s Intact Financial Corporation.
During his time at RSA, McDonnell was also Group Director of Financial Reporting and Control, and Head of Economic Capital, Corporate Finance and Capital Management. Additionally, he created and chaired RSA’s ESG Committee, was a founder member of the Bank of England’s Climate Financial Risk Forum, and a member of the University of Cambridge ClimateWise Council – a global network of leading insurance industry organisations. He also chaired the CRO Forum Emerging Risk Initiative, leading its research into climate risks and insurability.
McDonnell joins IAG from the global governance body, the Integrity Council for the Voluntary Carbon Market, where he spent two years as Chief Operating Officer, reporting to the chair. He built the organisation from its foundation and oversaw the recent release of the Core Carbon Principles and rulebook.
He also held roles at HSBC Investment Bank, Aviva, the UK Financial Services Authority, and Deloitte.
McDonnell has a BA in Classics from Oxford University and is a member of the Institute of Chartered Accountants in England and Wales.
IAG’s current CFO, Michelle McPherson, who announced her retirement in May 2023, will remain with the company until the end of the calendar year.