The sudden departure of QBE Group CEO Pat Regan “could harm strategic continuity” and introduce doubts about the global insurer’s culture, S&P Global Ratings said today.

As reported in a Breaking News bulletin this morning, QBE announced to the Australian Securities Exchange that Mr Regan would be leaving the company after a female employee made a complaint.

An external investigation concerning workplace communications revealed “poor judgment”, the insurer said, and the board took “decisive action”.

“The departure of QBE’s Group CEO, which follows other senior executive turnover, could harm strategic continuity and raise uncertainty about culture and governance at the insurer,” S&P Global Ratings said.

The ratings agency notes that there has been “substantial change" at the board and senior executive level across all regions at QBE “due to a combination of retirement and resignation”.

CEO Australia Pacific Vivek Bhatia left last month to lead listed information solutions company Link Group.

“Benefits from QBE’s simplification agenda and investment across group pricing and underwriting disciplines have been emerging,” S&P said.

“Recently taking the role as group chairman, Mike Wilkins has overseen substantial management change and today’s decisive action demonstrates governance standards are high, and important to QBE.

“However, uncertainty remains, in our view, as to the impact of management changes on the group’s broader strategy and its ability to maintain momentum on strategic objectives.”

insuranceNEWS.com.au sent a series of questions to QBE asking for further details about the circumstances that led to Mr Regan’s departure, but a spokeswoman declined to comment further.

Unconfirmed reports suggest the complaint was made by a US-based QBE employee, who has tendered her resignation.

The reports say that the complaint, made just 10 days ago, sparked the appointment of a law firm, which carried out an investigation focused on staff and management emails and the offending communications were found.

QBE would not specify the nature or format of the “workplace communications”, but says the board concluded they “did not meet the standards set out in the Group Code of Ethics and Conduct”.

Mr Regan, who joined QBE as Group CFO from UK-based Aviva in 2014, had held the top role for almost three years.

He has been credited with instilling discipline and a relentless focus on detail, which led to improving results, stability and new opportunities for growth.

Mr Wilkins will assume the role of Executive Chairman, taking on day-to-day oversight of QBE while a new Group CEO is recruited.

“While these are challenging circumstances the board recognises and thanks Mr Regan for his hard work and contribution to strengthening QBE,” Mr Wilkins said.

“However, all employees must be held to the same standards.”