April 10, 2018 / 11:10 PM / in a year

UPDATE 1-QBE Insurance names Inder Singh Group CFO

(Adds background, comments)

April 11 (Reuters) - Australia’s QBE Insurance Group on Wednesday appointed Inder Singh as chief financial officer, replacing current CFO Michael Ford who joined the group less than a year earlier in May 2017.

Inder Singh is currently the chief financial officer for QBE’s Australian & New Zealand Operations, the company said in a statement.

This follows QBE recording an annual loss of about $1.2 billion in February and logging a $600 million earnings hit last October, impacted by a medley of natural disasters.

This is QBE’s second top executive change after the company saw its chief executive stepping down in September, capping a tumultuous period for the global insurer with cost blowouts, profit downgrades and declining shares.

“We have commenced an accelerated reshaping of the company’s strategic focus to create a stronger and simpler QBE,” said current Chief Executive Pat Regan. (Reporting by Devika Syamnath in Bengaluru; editing by Diane Craft)

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