QBE Insurance Group Limited (ASX: QBE) announced the resignation of Group’s Chief Operations Officer – Mr David McMillan. QBE also reported the necessary changes to the Group Executive Committee (GEC).
David McMillan spent two years with the QBE group and played pivotal roles in the implementation of an organisational strategy, which focused on stronger, simpler and future-oriented QBE.
QBE Group CEO, Pat Regan, accredited Mr McMillan for building leadership strength across organisational structure and mapping out transformation and cost efficiency. On resigning QBE, Mr McMillan will join a UK-based insurance group as a CEO, as reported in the announcement.
Pat Regan further mentioned a thanking note for his contributions in the organisation and wished him well on his return to home and closer to his family. He further announced the necessary changes to the Group Executive Committee (GEC) of QBE:
Matt Mansour, Group’s Chief Information Officer, will reportedly join GEC. Matt joined QBE last year from Barclays and Mr Regan asserted that he is looking forward to the upcoming contribution from Mr Mansour, which will further enhance the technology capabilities of the group.
Margaret Murphy, Group’s Chief Human Resource Officer, will extend her role in the capacity and take up Group Executive for People & Change, with responsibility for People, Culture and Transformation. It is also reported that Mr McMillan will provide transition support over the course of the next couple of months.
QBE Insurance Group Limited is an insurance giant in Australia with a rich history that is 130 years old. In 1973, two entities merged and formed QBE Insurance, and today it’s one of the top 20 insurers and reinsurers globally. The group is listed on ASX and headquartered in Sydney, Australia and employs more than 14,100 people in 36 countries. Furthermore, the stock of the company constitutes in ASX50 index, which is the index for Australia’s top 50 largest listed stocks.
Some development in the company’s fundamentals from the start of the year include:
In January 2019, QBE received approval from UK High Court on the plans for restructuring post Brexit. The Restructuring includes the establishment of a new subsidiary in Belgium to continue operation in the European Region regardless of the Brexit.
In February 2019, the group announced results for the full year ended December 2018. QBE reported Net Profit After tax of US$390 million in FY18 against loss of US$1249 million in the corresponding period previous year. Gross written premium for the period was at US$13,657 million in FY18 against US$13,328 million in FY17. Pat Regan mentioned improved results are on the back of reduced cost of catastrophe claims and improved level of attritional claim witnessed across all divisions.
Recently, QBE forwarded the announcement made by nib Holdings Limited (ASX: NHF) which announced the completion of the acquisition of QBE’s travel insurance business. $24.2 million was the final price for consideration in relation to the distribution and claims capability of QBE.
QBE stock edged up by 0.314% to last trade at $12.780 on 20 May 2019. Over the past 12 months, the stock has gone up by 22.26% including a positive price change of 12.54% recorded in the past three months.
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