John NEAL, QBE's Group CEO, will retire at the end of 2017

QBE's Group Chief Executive Officer John NEAL will be stepping down at the end of this year after five years in the role, the Australian group said in a statement.

NEAL will be succeeded by Patrick REGAN, currently the group's CEO for Australian and New Zealand operations and former group chief financial officer, effective Jan. 1, 2018. REGAN will remain on the board as an executive director following his four-month transition into his new role.

NEAL began with the company in QBE's European operations in 2003 and moved to Sydney in 2011 as CEO for global underwriting operations. He was appointed to the role of Group CEO in 2012.

"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," Marty Becker, QBE's group chairman said.

"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," BECKER added.

Before joining QBE in 2014, REGAN was the CFO at Aviva plc and prior to that was the group chief operating officer and CFO at WILLIS Group Holdings and group financial controller at Royal & Sun Alliance.

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