QBE pins hopes on new CEO Horton to drive 'positive change and high performance'

Australia's QBE Insurance Group has found its new permanent chief executive in  Beazley boss Andrew Horton who it says is known for "driving positive change and high performance" and is well-placed to build the future of the business. The re/insurer parted ways with its former CEO Pat Regan in September 2020.

The appointment comes at a critical time for the group after it reported a disappointing loss of $1.52 billion in the financial year 2020. QBE also underwent an external investigation into its workplace communications that resulted in a management reshuffle and sudden forced departure of Regan after it was found that he had "exercised poor judgement".

Richard Pryce, who was then leading the companty's international operations, was made interim chief executive until a permanent successor was identified, while Mike Wilkins was moved to non-executive chair of the board.

Following the struggles of the previous year, QBE chair Wilkins said he was delighted to attract a “high calibre” global executive with over 30 years’ experience across insurance and banking as its new leader.

“Andrew is an inclusive and collaborative executive, who places a strong focus on risk, culture and relationships. He is known for driving positive change and high performance and has built a well-respected business over a number of years,” Wilkins said.

“His deep understanding of the insurance landscape and the opportunities and challenges across each of our markets, see him well placed to build QBE for the future.”

Horton will take the top role at QBE from September 2021 and will be based in Sydney. Pryce will move to an advisory capacity, providing a three month leadership transition before retiring from QBE in December.

Horton has led the UK-listed specialist insurer Beazley since 2008; prior to that he was chief financial officer of the company. During his tenure as CEO, Horton profitably grew the business by around 10 percent per annum, increased market value and added international operations on what was purely London-based when he joined in 2003.

Horton said he was honoured to be appointed to lead QBE, a strong international insurer with an impressive global footprint and talented people. "I look forward to joining the team and continuing to support QBE’s customers, people, shareholders and broader communities,” he said.

Horton also thanked Pryce for his "focus and clarity at a critical time for the Group".

Wilkins said: "On behalf of the Board, we wish [Pryce] every happiness in retirement, and we thank him for his commitment and service to our company over many years.”

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