Aviva CFO Regan Resigns after Four Years to Join QBE

Aviva plc, the U.K.’s second-biggest insurer by market value, said Chief Financial Officer Pat Regan resigned to take up a similar job at Australia’s QBE Insurance Group Ltd.

Regan, who joined Aviva as CFO in February 2010 and sits on the board, departs in June, the London-based firm said in a statement today. Aviva has already started searching for a replacement.

Aviva is selling assets and cutting costs to help rebuild capital depleted by the financial crisis. CEO Mark Wilson, who marked his one-year anniversary with the insurer this month, has replaced some senior managers and is targeting high-growth markets such as South East Asia.

Regan succeeds Neil Drabsch at QBE, the Sydney-based company said in a statement.

–Editors: Jon Menon, Edward Evans