QBE Insurance’s CEO to step down after difficult tenure

Australia-based QBE Insurance Group Ltd. said that its chief executive John Neal would step down at the end of the year, Reuters reported. Mr. Neal will be replaced by Patrick Reagan, head of QBE’s Australia and New Zealand operations. Mr. Neal’s exit after five years in the job draws a line under a period in which QBE has stumbled through an offshore expansion, particularly in emerging markets, amid higher than expected claims payouts and profit downgrades.
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