QBE Insurance CEO O’Halloran to Step Down for John Neal
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Frank O’Halloran will step down as chief executive officer of QBE Insurance Group Ltd. after his 13-year strategy of expanding through acquisitions faltered as a run of global catastrophes increased compensation payouts.
O’Halloran, 65, will be replaced by QBE’s global head of underwriting John Neal on Aug. 17, the Sydney-based company said in a statement today. QBE shares have been halted from trading after the company announced plans to replace $500 million of debt by selling stock. Net income fell 45 percent to $704 million in the 12 months ended Dec. 31, it said, citing “one of the worst years on record for catastrophe events.”