October 2, 2018 / 7:37 AM / 2 months ago

Australia's Freedom Insurance to stop selling direct insurance products, CEO steps down

Oct 2 (Reuters) - Australia’s Freedom Insurance Group said it would stop new business sales of all direct insurance products as it concludes the restructuring of its business and added that its Chief Executive, Keith Cohen, has stepped down from his role.

As a part of its restructuring, which comes in the wake of a powerful quasi-judicial inquiry into the country’s financial sector, the life insurer also said on Tuesday that it would cut headcount to match reduced activities.

The life insurer named Craig Orton, its current Chief Operating Officer, as the new CEO. (Reporting by Nikhil Kurian Nainan in Bengaluru’ Editing by Himani Sarkar)

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