QBE hands new leader $4m in shares

Steven DeareAAP
Camera IconInsurer QBE has named the boss of UK insurer Beazley, Andrew Horton, as its next chief executive.

Insurer QBE has named the boss of UK insurer Beazley, Andrew Horton, as its next chief executive.

After the market closed on Wednesday, the insurer said Mr Horton would join after 13 years running the UK-listed insurer, which trades across most continents.

He receives up to $4 million in company shares for joining, and $500,000 in cash in February next year.

Mr Horton will be paid about $1.8 million per year.

QBE chair Mike Wilkins said the new leader had a deep understanding of the industry and was known for driving positive change and high performance.

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Mr Horton also worked in banking for 15 years at ING, Nat West and Lloyds Bank.

QBE's previous chief executive Pat Regan left last year following an investigation into workplace communications.

The insurer has given little details about Mr Regan's departure although it has reviewed its workplace culture so employees can "safely raise concerns".

An interim boss, Richard Pryce, is in the role until September 1 when Mr Horton will replace him.

QBE provides business insurance as well as home and contents and car insurance.

Shares were higher by 2.75 per cent to $9.53 at 1152 AEDT on Thursday.

They have fetched between a record low of $2.91 to a high of $35.49 since it listed on the share market.

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