QBE has announced that non-executive director Eric Smith has retired from the company.

The insurer says Mr Smith was not “in a position to devote the appropriate amount of time to QBE,” following his appointment to a US-based non-executive director role.

Mr Smith holds over 40 years of industry experience, including 10 years as the President of Swiss Re Americas.

“Eric has been a valued member of the Board and on behalf of the Board I thank him for his contribution to QBE and wish him every success in his future endeavours,” QBE Board Chair Mike Wilkins said.