QBE CEO Australian Operations Terry Ibbotson will step up to a new global intermediary role as the insurer seeks to capitalise on emerging international opportunities in the sector.

He has been appointed QBE’s Global Head of Distribution, with COO Vince McLenaghan appointed as his interim replacement.

Mr McLenaghan – often touted as an eventual replacement for Group CEO Frank O’Halloran – will continue to serve as the company’s COO.

Mr Frank O’Halloran says the company has created the new global role for Mr Ibbotson in response to a “number of opportunities across the globe” with major intermediaries.

“By establishing this new position and allocating experienced resources, we will have greater ability to convert the opportunities for the benefit of shareholders,” he said.

“Terry’s experience in the intermediary market with distribution and technology solutions makes him ideally suited to lead QBE’s efforts in bringing effective responses to the opportunities being presented to us.”

QBE declined to make further comment when approached by insuranceNEWS.com.au.

Morningstar Head of Equity Research Peter Warnes told insuranceNEWS.com.au the appointments are an indication of QBE’s internal succession planning.

“They don’t make senior management appointments lightly and QBE’s track record in selection and continuity of top line management is among the best in the world,” he said.

“If you go back through their history [John] Cloney groomed Frank [O’Halloran] and they pick the right guys to carry on that philosophy.”

Mr Warnes says QBE’s succession planning methods and conservative risk management practices are key to a “track record that is probably far superior to anyone else out there”.