IRISH Life plans to speed up its expansion and has appointed Mr Peter Fullam to the new position of development director.

The former Irish Life chief financial officer has been given a brief to accelerate expansion. He will look for acquisitions in the United States as well as opportunities for expanding the IFSC based Irish Life International.

Irish Life has made no secret of its "wish to expand its operations in the "US where it currently owns Interstate Assurance in Iowa and the Boston based First Variable. The group has pulled out of two possible acquisitions in the US after due diligence investigations.

Mr Fullam will look for a partner for the group's French subsidiary, Xaar. Irish Life is known to be keen to accelerate growth at Xaar. If no suitable partner is found, Mr Fullam will have to look at alternative options for the business.

He will help group operating subsidiaries to implement organic growth plans and look at development opportunities in the domestic market.

He will be replaced as chief financial officer by Mr Stephen Shone, currently chief financial officer of the group's main operating company Irish Life Assurance. Mr Shone has not been appointed to the main board of Irish Life but a board appointment may follow his latest appointment.

He is a former finance director of Prolific Group in Britain and has been with Irish Life since 1990. He was responsible for the acquisition of City of Westminster Assurance in 1993 and was involved in the establishment of Irish Life International in 1994.