QBE has appointed Patrick Regan as group CEO, succeeding John Neal who will be stepping down after five years in the role.

Regan, who will take the reins of the company on 1 January 2018, is currently chief executive of QBE’s Australian and New Zealand operations, having previously served as group CFO. Prior to joining QBE in June 2014, he served a variety of CFO and financial director roles at the likes of Aviva, Willis Towers Watson, RSA and AXA.

Meanwhile, Neal joined QBE’s European Operations in 2003. In 2011, he relocated to Australia, where he assumed the position of CEO of global underwriting operations.

QBE group chairman Marty Becker said; “We are delighted to appoint Pat Regan to the position of Group Chief Executive Officer.”

“In the last 12 months Pat has led a strong turnaround in the Australian & New Zealand Operations highlighting his operational skills and business acumen and, in his previous role as Group Chief Financial Officer, had been pivotal in stabilising the balance sheet and enhancing the Group’s capital management.”

Commenting on his appointment, Pat Regan said “QBE has some clear strengths and great franchises, as well as talented and dedicated people and I am delighted to be appointed to lead the Group. One of my first priorities will be to lead a search for my successor as Chief Executive Officer of our Australian and New Zealand Operations.”