QBE has found an interim replacement for its chief executive following the controversial departure of Pat Regan.
Richard Pryce, CEO for QBE’s international business, will step into the role of interim group executive while a search is underway for a permanent replacement.
“Richard is well known to employees and investors and is well-respected in the insurance industry,” said group chair Mike Wilkins.
“Richard will continue to champion many of the initiatives we have underway across the group to build QBE for the future and is focused on maintaining the rigour of our cell reviews and further embedding and enhancing our brilliant basics initiative. He is also an avid supporter of our ongoing focus on becoming a more customer-centred business.”
Mr Pryce joined QBE in 2021 and was appointed CEO for European operations in 2013 before being promoted to CEO for the international business in 2019. He began his career at R.W. Sturge syndicate at Lloyds where he became claims director and went on to become president of ACE Global Markets in 2003 and ACE UK in 2007. He has 35 years’ experience in the London insurance market.
Jason Harris has stepped into the role of CEO for the international business.
Former QBE CEO Mr Regan had held the role for almost three years before stepping down after an external investigation into workplace communications that board decided “did not meet the standards set out in the group code of ethics and conduct”.
“We are committed to having a respectful and inclusive environment for everyone at QBE,” Mr Wilkins said at the time.
“The board concluded that he had exercised poor judgement in this regard. While these are challenging circumstances the board recognises and thanks Mr Regan for his hard work and contribution to strengthening QBE. However, all employees must be held to the same standards.”