The insurance company made the decision to integrate the two divisions following a review of QBE’s organisational structure.
It was concluded the new emerging markets division would provide a strategic opportunity for organic and inorganic growth for QBE in both Latin America and the Asia Pacific.
QBE group chief executive John Neal said a critical part of the value creation model, outlined in QBE’s 2012 and 2013 annual reports has been the company’s focus on building our presence in emerging markets.
“When looking at both these regions through the emerging markets lens, we see significant upside for QBE, both in the way we operate and the way we work to deliver relevant and differentiated products and services to our growing customer base,” said Mr Neal.
QBE said as a result of the two divisions merging, current chief executive of Asia Pacific operations David Fried has been appointed as chief executive of the emerging markets division.
Mr Fried will work closely with current Latin America operations chief executive Jose Sojo to ensure the new division is established with a clear understanding of the opportunities in both markets.
Mr Neal said the change in structure and management coincides with Mr Sojo’s decision to take a on a new role outside the group.
“Jose will remain with the group until the end of 2014 to ensure there is a thorough handover to David,” said Mr Neal.
“Given Jose’s experience and understanding of our business, we are continuing to explore a number of ways through which we can retain his involvement with QBE in the region.”
QBE said all changes will commence on 15 August 2014.
