IAG chief resigns in the midst of bid controversy

Michael Hawker has resigned as chief executive of Insurance Australia Group (IAG), less than a week after the Australian insurer rejected larger rival QBE's takeover offer.

In a resignation statement, Mr Hawker said: "It is with great personal regret that I have decided to resign. IAG is a tremendous organisation that I am proud to have led for the past seven years. I believe we are currently undervalued and our underlying performance is improving, however, I believe I have also lost the confiden