Legendary QBE Group CEO Frank O’Halloran will retire on August 17.

He will be replaced by Global Underwriting Operations CEO John Neal. QBE Chairman Belinda Hutchinson made the announcement this morning. She says the detailed succession planning for the role “has been under way for over two years, including a rigorous internal and external candidate review process”. In a statement she paid tribute to Mr O’Halloran’s role as “the architect of QBE’s international expansion”. He has grown premiums from around $US1.5 billion a year to $US18 billion.

“Frank is keen to continue working with QBE and we are pleased that he has agreed to return as a non-executive director shortly before the 2013 AGM. We believe his continued involvement on the board will be welcomed by investors.”

Mr Neal, who will become QBE’s first non-Australian CEO following Mr O’Halloran’s retirement, has had a meteoric rise through the global company’s senior management ranks.

He moved to Sydney from the UK in late 2010 to take up the new position of Global Underwriting Operations CEO from January 1.

He had been working for QBE since 2004, when the group acquired his successful Lloyd’s managing agency Ensign, a commercial motor insurer, which he owned. Prior to that he had held senior roles in Lloyd’s and other market organisations.

Following the Ensign acquisition he was appointed to the QBE Europe board. Within a year he had become MD of QBE’s European insurance operations. In 2007 he was appointed COO European Operations and in 2009 he became Chief Underwriting Officer – European Operations.

Identified in 2010 by insuranceNEWS.com.au as the logical heir to Mr O’Halloran, he was described by Mr O’Halloran as “a highly competent insurance professional with a can-do approach”.

insuranceNEWS.com.au said on November 1 2010 that Mr Neal’s appointment to the head office job “will certainly be interpreted… as an important step in the evolution of the QBE board’s CEO succession strategy”.