QBE will split its European division into two sections – retail and international markets – from October 1.

It says the restructure will provide “a more seamless integration of underwriting and distribution” and better meet the different demands of wholesale, specialty, subscription and retail.

“We are actively engaged with our broker partners to ensure a smooth transition into the new structure,” Deputy CEO European Operations Richard Pryce said.

Director Chris Wallace will head a new distribution and relationship management function that aims to expand QBE’s broker partnerships.

“This reorganisation allows us to address the different needs of the international and retail markets, create and deliver products that are right for our clients and ultimately position ourselves for profitable growth,” Mr Pryce said.

There are no plans for a similar restructure in the Australian operation, a spokesman told insuranceNEWS.com.au.

Mr Pryce will become CEO of European Operations from October 1, and will develop the retail business until someone is appointed to lead it.

He replaces Steven Burns, who will become Group CFO early next year.

Retail will have two business units – UK and Ireland and continental Europe – across 17 offices. It will deliver property, casualty and motor products, with a specialist business for financial lines and specialty casualty.

International markets – led by Chief Underwriting Officer Colin O’Farrell – will include marine, energy and aviation portfolios, plus all non-European property and casualty business.

The reinsurance business QBE Re will be unchanged.

QBE reported “solid” gross written premium growth in Europe, up 15% in the half-year to June 30 to £2 billion ($3.41 billion).