QBE has assured the Australian Securities Exchange (ASX) it will be more careful after breaching continuous disclosure rules.

The insurer failed to notify the ASX within the required five days that CEO Frank O’Halloran had acquired more shares in the company.

Mr O’Halloran gained the shares from the conversion of rights under QBE’s compensation plan and under its dividend reinvestment plan.

He acquired the shares on March 5, but QBE did not notify the ASX until a month later, prompting the ASX to send a “please explain” to the insurer.

Company Secretary Duncan Ramsay told the ASX that QBE takes its disclosure obligations seriously and regrets the breach, which was due to an administrative error.

He said there was no fault by Mr O’Halloran and QBE needs to be more careful with its internal procedures.