The Australian Prudential Regulation Authority has promoted Peter Diamond to general insurance and banking executive director, while Peter Kohlhagen becomes policy and advice executive director.

Mr Diamond, previously banking GM, takes over from Jane Magill, who last month became life and private health insurance and superannuation executive director.

APRA says Mr Diamond has 25 years’ involvement in the commercial sector and regulation, and during a long career at Deutsche Bank in the UK provided strategic advice to banks and insurance companies.

He has also held roles with Royal Bank of Scotland and Merrill Lynch, and has a strong interest in fintech, artificial intelligence and related technologies.

Mr Kohlhagen has been promoted from superannuation GM following the resignation of Sean Carmody.

He has held leadership roles in APRA’s super, insurance, and policy and advice divisions.

He has also had roles at the International Association of Insurance Supervisors, including representing APRA on the policy development committee and the audit and risk committee, and is the past chair of the Asian Forum of Insurance Regulators.

APRA says it will consider internal and external candidates when filling the GM positions left vacant by the two appointments.