QBE chairman Cloney to retire

QBE chairman John Cloney has announced his retirement from the board of QBE Insurance Group effective 4 July 2010.

The Australian insurer has appointed Belinda Hutchinson to succeed Cloney as chairman. Hutchinson was appointed to the QBE Board in 1997 and is chairman of the investment committee and a member of the audit, chairman’s and funding committees.

Cloney joined QBE as chief executive in 1981 when the company’s main activities were based in Australia; its market capitalisation was then $24mn. When he retired as chief executive in January 1998 QBE’s market capitalisation had grown to $2.3bn and it was represented in 20 countries. Cloney was subsequently appointed non-executive chairman in October 1998.

QBE said: "The board wishes to pay special tribute to John Cloney for his extraordinary leadership over the past 12 years as Chairman and over 29 years with the company.

He has made an outstanding contribution to the success of the company and creation of shareholder wealth through his strategic vision and dedicated service."

Cloney said “I am extremely pleased to hand over to Belinda Hutchinson. Belinda has been one of the hardest working and enthusiastic of board colleagues. Her experience on major company boards and her knowledge of global insurance and investments is impressive.”

Hutchinson added “From my many years of working with QBE, I know QBE’s success is based on its disciplined business model and its strong ‘can do’, performance driven culture. I look forward to working with the Board and management in my new role to support them in continuing to generate robust shareholder returns and benefits for our customers, business partners and employees around the world.”