QBE has begun the challenge of recruiting a new Group CEO in a testing pandemic environment following the sudden exit of Pat Regan.

As reported in a Breaking News bulletin last week, Mr Regan is leaving the company following an external investigation concerning workplace communications that revealed poor judgment.

Chairman Mike Wilkins says the board took “decisive action” after the probe, which was sparked by a complaint made by a female employee.

Mr Wilkins has assumed the role of Executive Chairman, taking on day-to-day oversight of QBE while the search for a new CEO is carried out.

Fitch Ratings says Mr Regan’s departure is unlikely to lead to an immediate shift in strategy.

“Strategic initiatives in recent years have supported QBE’s business profile, and we expect this to continue,” it says.

“These include the exit from several unprofitable markets and portfolios, implementation of an operational efficiency program to improve processes and lower costs, and balance sheet improvements through higher capital and lower financial leverage ratios.”

But S&P Global Ratings believes the development could “could harm strategic continuity” and introduce doubts about the global insurer’s culture and governance.

See Analysis.