Patrick O'Brien has resigned as chief executive of Liberty Insurance Ireland and will be replaced by Tom McIlduff, subject to the approval of the Central Bank of Ireland.

In a note issued yesterday to employees, the company’s Boston-based parent group said Mr McIlduff would “spearhead the next development phase of the company in Ireland”.

Liberty Insurance was formerly known as Quinn Insurance, having been founded by now bankrupt Northern Ireland businessman Seán Quinn. The US insurance group took control of the business three years ago, appointing Mr O’Brien to effect a restructuring and change in name.

Down native

Mr McIlduff is a former managing director of Europa General Underwriters Ltd in Northern Ireland and also held senior roles with Bank of Ireland in the UK, including as chief operating officer. A native of Co Down, his most recent work with Boston Consulting Group focused on the London insurance practice. Commenting on the appointment

Michal Kwiecinski

, executive vice- president at Liberty International, said: “Patrick O’Brien has presided over one of the most successful brand launches in the country . . . He will continue to work with us until the end of the year.”

No comment was available from Mr O’Brien.

Liberty Insurance provides car and home insurance to the Irish and British consumer market along with insurance to the business sector in Ireland. The Irish business made a loss of €12 million last year.