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Fagen dropped as ICA president

Colin Fagen, the QBE group COO whose 17-year career with the company came to an abrupt end last week, has been removed as president of the Insurance Council of Australia (ICA).

As reported by insuranceNEWS.com.au in a Breaking News bulletin on Friday, the insurer announced his sudden departure in a statement to the Australian Securities Exchange.

Mr Fagen had only moved into the ICA presidency last month for a two-year-term, but the industry group moved swiftly to appoint Allianz Australia MD Niran Peiris as Acting President.

The positions of president and deputy president will be determined at a special board meeting next month.

QBE’s statement to the sharemarket announcing Mr Fagen’s sudden departure is brief, but it intimates the group had been planning to replace him before last week.

“A replacement for the role… has been identified and we will announce this in the coming weeks,” the statement says.

No reason has been given for Mr Fagen’s departure. However, insuranceNEWS.com.au understands he had been negotiating the terms of his departure from the group before a decision was made to terminate his services.

The group’s statement says Mr Fagen “has left the organisation”.

He was in the group COO role – a key position in the global group’s management – for two years. He was previously CEO of Australian and New Zealand operations.

QBE is to report its full-year results on February 27.

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