QBE Chairman John Cloney and fellow director Charles Curran have just sold a hefty number of shares in QBE, but the company says that doesn’t mean they plan to quit in the near future.

Mr Cloney, who is the company’s former CEO, and Mr Curran pocketed $1.01 million and $1.58 million respectively. Mr Cloney still holds about 705,000 shares and Mr Curran about 356,000.

CFO Neil Drabsch told Sunrise Exchange News that directors have only a couple of small windows of opportunity to sell shares each year. “I think you will find they’ll still be major shareholders in the future.”

QBE Insurance recently announced a 33% increase in half year net profit to $320 million.