QBE appoints new COO

QBE Insurance has appointed David McMillan as the new group COO, recruiting the London executive from rival firm Aviva where he served as CEO for Europe.

 

McMillan will join QBE in the latter part of 2017 and will be based in the insurer’s London office.

 

“David’s experience and track record see him well-qualified to lead QBE’s operations, claims and technology activities,” said John Neal, QBE group chief executive.

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Neal noted that McMillan led Aviva Europe through a major four-year turnaround, “galvanising distribution and improving the product offering.”

 

Before serving as Aviva Europe CEO, McMillan was the firm’s transformation director, working closely with the group chairman to build the turnaround plan for Aviva globally.

 

McMillan was also the chairman of the global health insurance business at Aviva Europe. Before joining the insurance giant in 2002, he spent 10 years at PwC.

 

Aside from McMillan’s appointment, QBE also announced that the search for a permanent group CFO is still underway. Pat Regan, the insurer’s CEO for Australia and New Zealand, will remain as acting group finance chief until a replacement is found. Meanwhile, Victor Walter will now serve as deputy group CFO.

 

QBE revealed the latest changes on Monday when it reported its financial results for 2016. Net profit after tax increased by 5% to AU$844 million (about £522.3 million) while the insurance profit margin improved to 9.7% from 9.0%.

 

By region, QBE’s European operations again delivered a strong combined operating ratio of 90.2% while the North American operations reported a further improvement to 97.7%. In Australia and New Zealand, improved discipline in claims management functions contributed to a significant improvement in the attritional claims ratio in the second half of 2016.