QBE Chief Executive Frank O’Halloran has received the highest international recognition of an insurance executive – induction into the Insurance Hall of Fame.

Mr O’Halloran’s work in crafting QBE into one of the world’s top insurance companies, with a market capitalisation of $US22.5 billion ($25.1 billion), was described by the International Insurance Society President Michael Morrissey as “nothing short of remarkable”.

QBE has made more than 125 acquisitions in 20 years under Mr O’Halloran’s leadership, is represented in 45 countries and derives more than 75% of its income from outside Australia.

Mr O’Halloran will be officially inducted into the Insurance Hall of Fame in Madrid on June 7.

QBE Chairman John Cloney has also been recognised for his contribution to the insurance industry by becoming a Member of the Order of Australia (AM).

Mr Cloney ran QBE for 18 years, and became chairman in 1998.