Australia-based insurance group QBE Holdings has split its Australia Asia Pacific business into two separate entities.
Under this change, the company has appointed Colin Fagen and Michael Goodwin as CEOs of Australian and Asia Pacific operations, respectively.
Fagen has held a number of senior executive roles in the Australian operations, and was most recently executive general manager intermediary distribution.
Being associated with QBE for the past 12 years, Both Fagen and Goodwin will be members of the QBE group executive team and report to John Neal, CEO of global underwriting operations.
According to QBE, McLenaghan, Australia Asia Pacific CEO, who supported the changes decided to leave to pursue other interests.
QBE’s Australia/Asia-Pacific operations employ more than 5,600 staff and businesses in 18 countries contribute a combined gross written premium income of about $5bn a year.
QBE will now have an Australian operation and an Asia Pacific operation. The reason for the split is due to the rapid growth of its operations in the region. Each will now report directly to Group head office.
QBE Group CEO Frank O’Halloran said the changes to the management structure of the Australia Asia Pacific operations reflect the natural progression of these successful businesses to a more independent future.