The Australian Prudential Regulation Authority (APRA) has reshaped its senior ranks, appointing two long‑serving insiders to executive director roles overseeing banking, insurance, and policy.
Peter Diamond (pictured left) has moved from general manager of banking to executive director of general insurance and banking, stepping into the role vacated when Jane Magill shifted to lead life and private health insurance, and superannuation. Meanwhile, former general manager of superannuation, Peter Kohlhagen (pictured right), has taken on the role of Executive director of policy and advice.
APRA will now recruit for the general manager positions left vacant by the promotions, with searches to run both internally, and externally.
Diamond brings extensive wholesale, and prudential expertise to the banking, and insurance brief.
APRA describes him as “a deeply experienced banking executive with 25 years’ involvement in both the commercial sector and in regulation”.
Diamond’s background includes senior roles at Deutsche Bank in the UK, working across debt capital markets, sovereign and supranational issuance, and financial institutions.
That experience has given him “deep technical knowledge of global capital markets and related frameworks”, which APRA says supports the stability of the banking system.
Diamond has also held roles at Royal Bank of Scotland, and Merrill Lynch, and maintains a “strong interest in fintech, AI, and related technologies” – an area increasingly relevant to digital lenders, and emerging credit platforms.
Kohlhagen’s appointment strengthens APRA’s policy and guidance capability at a time when regulatory settings for banks, insurers, and superannuation funds remain in focus.
He “joined APRA as a graduate in 2005” and has since rotated through senior leadership roles across superannuation, insurance, and the policy and advice divisions.
He has represented APRA internationally at the International Association of Insurance Supervisors, and chaired the Asian Forum of Insurance Regulators, bringing a global lens to domestic rule‑making.
The APRA appointments come as the regulator prepares to consult on reforms to bank capital and liquidity settings aimed at keeping the system resilient through periods of volatility. APRA progresses separate workstreams on liquidity, credit, and market risk, including proposals to make the capital framework more risk sensitive, and to uplift liquidity settings in line with international practice.
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