QBE has announced the departure of Group COO Colin Fagen.

In an announcement to the Australian Securities Exchange, the insurer says a replacement has already been identified and will be announced “in the coming weeks”.

No reason has been given for his departure.

Mr Fagen had been in his current role for two years.

Prior to that he was CEO of Australian and New Zealand operations, and he had worked with the insurer for 17 years in total.

In November he was appointed President of the Insurance Council of Australia.

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

More details in our regular bulletin on Monday.