Insurer QBE reveals top exec has departed

Insurer QBE reveals top exec has departed | Insurance Business

Insurer QBE reveals top exec has departed
QBE group chief operations officer Colin Fagen has left the organisation, according to a company announcement made late yesterday.

The revelation comes a year after the COO role was created which is also when Fagen was appointed to the role.

The company did not expand on the reasons for his departure and simply noted that a replacement for the position had already been identified and would be announced in the coming weeks.

QBE was in the headlines last month after reports surfaced that German insurer Allianz had made an ‘informal takeover approach’ to the company.

There was speculation in Australian mainstream media reports today that the QBE board had considered Fagen to be a potential successor to group CEO John Neal, who had been in the job for almost five years.

Fagen has been involved in the insurance industry for over 21 years and worked for QBE for over 16 years. Prior to his most recent COO role he held the position of chief strategy officer and before that he was CEO of Australian and New Zealand operations.

In November 2016 he was appointed president of the Insurance Council of Australia (ICA), adding to his existing role as a director at the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

The most recent QBE annual report revealed that Fagen was paid almost AU$2 million, The Australian reported.

“It’s believed he has several years to run on his contract and is pushing for a payout that would reflect the term of his employment agreement.

“Word is that Fagen’s depth of corporate history on Neal’s group means he is likely to have done well from the settlement,” the report said.

Related stories:
Insurer QBE creates new COO position
Major insurer announces new chief exec