MELBOURNE, Australia--QBE Insurance Group Ltd. (QBE.AU) has promoted Patrick Regan to succeed Chief Executive John Neal when he steps down after five years in the role.
Mr. Regan, who joined the insurer in 2014 as chief financial officer and shifted to take over as head of the Australian and New Zealand operations just over a year ago, will step into the new position on Jan. 1.
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QBE is one of the world's largest general insurance and reinsurance companies, with businesses in 27 countries and more than 14,500 employees. Last month, the company reported a 30% rise in net profit to US$345 million thanks to a stronger underwriting performance in North America and in its Australia and New Zealand operations, which offset a rise in claims in emerging markets.
"In the last 12 months Pat has led a strong turnaround in the Australian and New Zealand operations, highlighting his operational skills and business acumen, and in his previous role as group chief financial officer had been pivotal in stabilizing the balance sheet and enhancing the group's capital management," Chairman Marty Becker said.
Mr. Becker said the company had undertaken a detailed succession planning process over the last two years, and reviewed internal and external candidates before settling on Mr. Regan.
Before joining QBE, Mr. Regan was chief financial officer of Aviva PLC in London between 2010 and 2014, and had executive roles at companies including Willis Group Holdings, Royal & Sun Alliance and AXA SA.
He said one of his priorities will be to lead the search for his successor as CEO of the Australian and New Zealand operations.
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(END) Dow Jones Newswires
September 11, 2017 19:07 ET (23:07 GMT)