Former QBE Group CEO Frank O’Halloran is to become Chairman of broker group Steadfast.

Steadfast Executive Chairman Robert Kelly said today Mr O’Halloran, who retired from QBE on August 17, will join the Steadfast board later this month.

Mr Kelly will then become MD and CEO of Steadfast. The company intends to launch an initial public offering in May next year.

“Frank’s intimate knowledge of both Steadfast and the general insurance industry will make the transition to an ASX constitution and ultimate listing smooth,” Mr Kelly said. “He will add a wealth of acumen to the Steadfast Group’s future direction.”

Mr O’Halloran and Mr Kelly will conduct “town hall” meetings around Australia with Steadfast shareholders in early November to welcome the new chairman and “further clarify the group’s pathway to listing”.

There are more than 400 Steadfast brokers’ offices nationally, with sales of $4.1 billion and annual revenues of about $700 million.

The existing shareholder base will all be participants in the ASX shareholding of Steadfast.

In a statement released late this afternoon, QBE said the group’s board has allowed an exception to the arrangements which prevent Mr O’Halloran from acting for an insurance company or insurance-related business for three years after his retirement.

Chairman Belinda Hutchinson says Mr O’Halloran “is passionate about the insurance industry, and feels that his expertise would add a great deal at Steadfast Group with its plans to list on the ASX”.

QBE underwrites about 17% of the Steadfast business, and the statement says it would therefore be inappropriate for Mr O’Halloran to hold board positions at both Steadfast and QBE.

“In light of this, the QBE board and Mr O’Halloran have agreed that he will not return to the QBE board in 2013 as originally envisaged.”

More details in Monday’s regular insuranceNEWS.com.au bulletin.