QBE Insurance Group Ltd
(ASX:QBE) has split its Australia Asia Pacific business in two.
QBE will now have an Australian operation and an Asia Pacific operation. The reason for the split is said to be due to the rapid growth of its operations in the region. Each will now report directly to Group head office.
Under the new structure the role of Australia Asia Pacific Chief Executive is no longer necessary, with the current CEO pursuing other interests.
In the 2010 financial year QBE Insurance Group reported a net profit of $1.3 billion.
