QBE Group’s decision to parachute CFO Pat Regan into the role of CEO Australian and New Zealand Operations followed an ultimately fruitless external recruitment drive.

As reported in a Breaking News bulletin earlier today, Mr Regan has been acting in the role since the departure of predecessor Tim Plant in August.

He will continue as Group CFO until taking up his new role on March 1, with a global search now under way to find a replacement.

insuranceNEWS.com.au understands QBE approached a number of senior industry players, seeking indications of interest in running the key Australia and New Zealand Operations division after Mr Plant left the company “with immediate effect” following a poor set of results.

Now that Mr Regan has been appointed after four months acting in the role, CFO Australian and New Zealand operations Victor Walter will become Acting Group CFO until a permanent appointment is made.

Under the new arrangement, Mr Regan will retain responsibility for group corporate development.

“We are committed to delivering results that reflect QBE’s position of leadership in our Australian home market,” Group CEO John Neal said.

“Pat’s broad experience and fresh perspective have proved invaluable in recent months and his full-time appointment as CEO Australian and New Zealand Operations will ensure QBE remains at the forefront of insurance and innovation in Australia and New Zealand.”