Chubb Life New Zealand has announced the appointment of Paula ter Brake as its new Chief Executive Officer, with her tenure set to begin on May 5, pending regulatory approval.

Ter Brake will take over from Gail Costa, who is retiring after successfully leading the company through its transition from Cigna to Chubb Life. In her new role, she will focus on strengthening Chubb Life’s financial protection services in New Zealand, collaborating with independent financial advisers, distribution partners, and direct marketing channels.

“Paula’s proven track record in driving growth along with transforming large businesses will bring real value to our customers, partners and our people. She is recognised for her dynamic leadership style and success in driving strategic initiatives and will play a key role as we continue the growth and success of our business,” Chubb Life Chairman Paul Brock said.

With 30 years of experience in retail banking and insurance, ter Brake has expertise in business transformation and digital strategy. Before joining Chubb Life, she was the executive general manager for consumer brands at IAG New Zealand, overseeing the company’s retail brands and bank partnerships. She has also held leadership roles at Tower Insurance, First Citizen Asset Management, and GE Money.

Sang Lee, president of Southeast Asia & New Zealand for Chubb Life, expressed confidence in ter Brake’s leadership and the company’s future direction under her guidance.

“We are excited about this new chapter for Chubb Life New Zealand and look forward to continuing to provide best-in-class products and services to our customers under Paula’s leadership,” Lee said.