Property MD Mageean departs in QBE shake-up
QBE's managing director of property Bernard Mageean has left QBE in a shake-up of its European business.
He will be replaced by Ash Bathia who will head up a new property, casualty and motor division. QBE has created two other new divisions with heads - a marine, energy and aviation division and also a new reinsurance division.
Mageean's exit comes shortly after the Evergreen brand was dumped and scaled back by QBE, as revealed by Insurance Times.
Mageean had big plans for Evergreen to bolster QBE’s presence in the SME market, but it suffered a series of blows as a number of staff left the company this year.
Earlier this month, Mageean said the insurer still had ambitions to become a top-five UK property insurer despite the changes at Evergreen
He arrived in June 2008, as a big capture from RSA, where he was commercial underwriting director. On arrival, QBE said they wanted him to "significantly enhance"’ the property division of the European business.
But he now heads for the door in the consolidation of QBE’s European underwriting businesses.
The three new chief underwriting officers (CUO) to head the divisions are:
- Ash Bathia, who is currently the managing director of casualty and motor division will become chief underwriting officer of property, casualty and motor division.
The management of QBE EO’s property division will merge with the existing casualty and motor division. Finlay Smith and Peter Fice will lead the respective accounts for UK & European Property, and London market and international property (Lloyd’s), reporting directly to Ash Bathia.
- Colin O’Farrell, presently managing director of marine and energy division, is appointed chief underwriting officer of the marine, energy and aviation division.
QBE EO’s aviation business, under the leadership of Emilio Di Silvio, will transfer to an enlarged marine, energy and aviation division. This follows the successful integration of QBE’s marine businesses, syndicate 1036 and british marine.
- Jonathan Parry, current managing director of reinsurance and specialist will become CUO of reinsurance division.
Parry’s reinsurance responsibilities have been broadened recently by the successful acquisition of Belgian reinsurer, Secura NV. The transfer of the Aviation business will enable Jonathan and his team to focus on the reinsurance client and product growth opportunities in Europe. Jonathan will also retain local management oversight of the European Credit Lines business.
Steven Burns, chief executive officer, QBE European Operations said: “John Neal has made the most outstanding contribution to QBE EO’s underwriting success and development over recent years, and it is fantastic that he has been given the opportunity to take up a new global role for QBE.
“Ash, Colin and Jonathan are all vastly experienced and proven in their fields. Under their joint underwriting leadership, we remain well-placed to continue with our success.”
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