QBE execs Fagen and Neal bow out on happy note

Illustration: Rod Clement

Finally, after more than a year, we can close the book on the messy and mysterious exit of ­insurance executive Colin Fagen from QBE amid the reign of the now-also departed boss ­John Neal.

The just released annual ­report for the Aussie-listed international insurance giant reveals former boss Neal was paid nearly $9 million on his departure in September last year.

Meanwhile, Fagen walked away from the group on February 9 last year with a final payout of $US1.735m ($2.21m), including a one-off termination benefit of $US776,000.

Fagen, who had a rapid rise at the group and was seen as a ­potential successor to Neal, exited the group just weeks after being appointed president of the Insurance Council of Australia.

Later last year, Neal himself left the company following revelations of a secret affair with his personal assistant which, while consensual, was revealed to his board of directors in an untimely manner.

Neal had $550,000 knocked off his bonus payment as a consequence of his conduct, but in the end it all seems to have worked out OK for the loved-up big boss.

The annual report also ­reveals he left QBE last year with a total exit package of $US7m, including a $US5.1m termination benefit.

QBE is now being run by ­Patrick Regan, who like all first- year CEOs is talking tough, clearing the decks, writing down and flogging dead wood (mostly built up under long-serving Frank O’Halloran).

The annual report also shows the total payment to Fagen, who days after his exit engaged ­employment relations firm Harmers to act on his behalf, also included a bonus of $US836,000, which was related to the 2016 ­financial year but not determined until well after he had ­exited the company.

Fagen has now started his own insurance venture Blue Zebra Insurance, which he ­describes as an “insurtech ­start-up”, which delivers “big ­insurance expertise with entrepreneurial agility”.

Neal, who left at the end of December, is yet to re-emerge.

Another chapter

Where is the official disclosure from former deputy prime minister turned backbencher Barnaby Joyce on this book he says he’s writing?

Barnaby Joyce

In his press conference on Friday to announce his resignation as Malcolm Turnbull’s deputy, fifth-time father-to-be Joyce revealed he was working on a book “about precisely the people I was talking about” — those living in the “weatherboard ’n’ iron” as the Member for New England might say.

But so far there has been nothing on the House of Representatives Register of Members’ Interests disclosing any contractual arrangement with the likes of Louise Adler’s Melbourne University Press, who is mooted to be Joyce’s new publisher. Adler doesn’t want to say either, playing coy when asked by various news outlets following Joyce’s literary revelation.

So has he signed a contract, or just been commissioned? Or is he just banging it out in the wee small hours for cathartic benefit.

Or maybe Joyce’s millionaire good mate in New England Mark Maguire, who’s letting Joyce and his partner Vikki Campion live in one of his apartments in Armidale rent-free, could fund a first edition print run for his buddy.

If there is no entry on the register, no one will ever know.

Prime neighbours

Seems no one except luxury car importer Neville Crichton is too keen (or rich enough) to live next door Malcolm Turnbull and his wife Lucy in harbourside Point Piper.

Just before Christmas, Crichton, who wed his young wife Nadi last May, is believed to have paid about $45m for the (unfinished) beachfront home on Longworth Avenue next to the “first couple” on Wunulla Road.

Crichton settled on his buy on December 21, the actual price remains undisclosed,

But a sale process isn’t going quite so well on the other side of the Turnbulls, with the now separated Ben and Tiffany Tilley still yet to sell their more humble circa $25m abode, which has been on the market for almost six months.

Towards bringing about a sale, the Tilleys are now running an expressions of interest process for the home, which closes on Thursday.

A close confidante of billionaire James Packer (and his father Kerry Packer before him), Tilley spent much of the festive season in Aspen, Colorado with the gaming mogul and Packer’s new partner Kylie Lim.

Tilley has also spent much time recently in Argentina with Packer and his entourage at Packer’s luxury Ellerstina polo ranch. The Tilleys’ home is a hived-off block that was owned by the Turnbulls.

The “first couple” carved off and retained the property’s waterfront land to add to their adjacent holding, before selling off the rear home.

If it turns out to be a bargain maybe they might now consider buying it back?

Handy home lender

But back to the Kiwi-born car man Neville Crichton just for a minute.

The 72-year-old settled on the as-yet incomplete home just before Christmas.

Kiwi car man Neville Crichton

And it was all thanks to the generous financial assistance of former owner and healthcare businessman Glenn Haifer.

Documents show that Haifer has personally loaned the car salesman $6m (with the possibility of other loans “from time to time”) to get the deal over the line.

What a neighbourly bunch they are in the PM’s hood, any wonder he and Lucy didn’t fancy moving to The Lodge.