QBE names Sue Houghton as new CEO

Six months after Vivek Bhatia vacated the position, QBE has named Sue Houghton as its new CEO of Australia Pacific.

QBE has named Sue Houghton as its new CEO for Australia Pacific. Picture: Bloomberg

QBE has named Sue Houghton as its new CEO of Australia Pacific, six months after Vivek Bhatia vacated the position to take on the top job at Link Group.

Ms Houghton, who will take on her new role in August, subject to regulatory approval, joins QBE from Westpac, where she is managing director for insurance. She is also president of the Insurance Council of Australia.

Announcing the appointment on Tuesday, QBE interim group chief executive Richard Pryce said Ms Houghton’s prior experience would be an asset to the group.

“We are delighted to welcome Sue to QBE. She is a highly regarded insurance leader who is known for her sound judgment, resilience and adaptability as well as for cultivating talent, fostering diverse and inclusive teams and driving performance.

“Sue’s insurance expertise, together with her experience as an executive at a major commercial lines brokerage, will be an asset to QBE, helping us continue to respond to the needs of our customers and brokers,” Mr Pryce said.

Ms Houghton was previously chief financial officer for Wesfarmers’ insurance division and worked for insurance broking giant Arthur J Gallagher as its chief financial and operating officer for Australia and New Zealand.

“I am very excited to be joining QBE and look forward to working with the AUSPAC team and broader group executive to help drive a more customer-centred, simpler and stronger business in the Australia, New Zealand and Pacific region,” Ms Houghton said.

Ms Houghton’s appointment comes as the search for QBE’s new group CEO continues following the swift exit of Pat Regan from the top job last September.

Mr Regan’s shock exit came after QBE investigated a complaint by a US-based female employee. A review by MinterEllison on behalf of the board found material that fell short of the insurer’s code of conduct and ethics.

Mr Pryce, formerly QBE’s international boss, was named interim CEO in October as the executive search for a permanent replacement got underway.

Ms Houghton joins the insurer as it braces for a surge in claims following the adverse outcome of a crucial business interruption test case in Britain.

QBE last month told shareholders its total COVID-19 allowance had swelled to $US785m ($1.02bn), including total risk margins of $US300m, with fiscal 2020 COVID-19-related costs expected to hit $US655m, close to 30 per cent higher than the $US470m it forecast in December.