Australia’s QBE Insurance Group Limited has announced “a strategic change to ensure its business is positioned for profitable growth.” QBE said that after a review of its organizational structure, “it has been concluded that the strategic opportunity for organic and inorganic growth in Latin America and Asia Pacific is best served by bringing these two very important Divisions together to form the QBE Emerging Markets division.”
Group CEO John Neal said: “A critical part of our value creation model, outlined in our 2012 and 2013 annual reports, has been QBE’s focus on building our presence in emerging markets. When looking at both these regions through the emerging markets lens, we see significant upside for QBE, both in the way we operate and the way we work to deliver relevant and differentiated products and services to our growing customer base.”
As a result of bringing the two divisions together, David Fried, currently CEO of Asia Pacific Operations, has been appointed the CEO for the Emerging Markets division effective as of August 15th.
He has “extensive experience in both regions,” and will “work closely with current Latin America Operations CEO, Jose Sojo, to ensure that the new division is established with a clear understanding of the depth and breadth of opportunities in both markets.”
Neal also explained that the change in structure and management “aligns with Jose Sojo’s decision to take on a new challenge outside our group.” He will, however, “remain with the group until the end of 2014 to ensure there is a thorough handover to David. Given Jose’s experience and understanding of our business, we are continuing to explore a number of ways through which we can retain his involvement with QBE in the region.”
Source: QBE Insurance Group