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Johannesburg - South Africa's fourth biggest insurer, Liberty Holdings, on Tuesday announced David Munro as its new group chief executive effective immediately.

Munro was chief executive of Standard Bank Group's corporate and investment banking division, and a non-executive director of Liberty. He has been with Standard Bank since 1996. This follows the sudden resignation of Thabo Dloti from the board after three years at the insurer.

Liberty said Dloti was leaving the company following a difference of opinion with the board on the immediate focus of the group, at a time when the organisation was facing tough operational and environmental challenges.