QBE group CEO steps down; successor revealed

Australia's QBE Insurance Group has announced that its group chief executive officer John Neal is stepping down after five years in the top position.

The company's board of directors has appointed Patrick Regan, chief executive officer Australian and New Zealand operations and previously group chief financial officer, to succeed Neal starting 2018. Regan will remain on the board as an executive director.

Neal began with the company in QBE’s European operations in 2003 and moved to Sydney in 2011 as CEO, global underwriting operations. He was appointed to the role of group CEO in 2012.

QBE group chairman, Marty Becker said: "On behalf of the Board, I would like to sincerely thank John Neal for his dedication and leadership of QBE over the last five years. John has led the business through a significant transformation and a challenging period in the insurance industry globally and has been working closely with the Board to ensure a smooth transition for his succession."

Neal added: "It has been an honour to lead the organisation for the last five years and I am pleased with the work that has been done to transform QBE into a truly global franchise with an enviable position as a top 20 global insurance and reinsurance company. I am delighted that Pat will succeed me and know that he is very well placed to lead the organisation going forward."

Regan joined QBE in 2014 as group chief financial officer and was appointed to the role of CEO, Australian and Zealand operations in August 2016.

Becker commented: "We are delighted to appoint Pat Regan to the position of Group Chief Executive Officer. Pat joined the Group in 2014 with extensive global experience in the insurance sector. Before joining QBE, Pat was the Chief Financial Officer at Aviva plc and prior to that was the Group Chief Operating Officer and Chief Financial Officer at Willis Group Holdings and Group Financial Controller at Royal & Sun Alliance.

"In the last 12 months Pat has led a strong turnaround in the Australian & New Zealand Operations highlighting his operational skills and business acumen and, in his previous role as Group Chief Financial Officer, had been pivotal in stabilising the balance sheet and enhancing the Group’s capital management."

"The Board has undertaken a detailed succession planning process over the last two years, and has carried out an internal and external candidate review process for this appointment. The Board is delighted that Pat will succeed John Neal as Group Chief Executive Officer," he added.

Regan said: "QBE has some clear strengths and great franchises, as well as talented and dedicated people and I am delighted to be appointed to lead the Group. One of my first priorities will be to lead a search for my successor as Chief Executive Officer of our Australian and New Zealand Operations."

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