He joined Aviva in February 2010 from Willis Group and worked alongside Aviva chief executive Andrew Moss.
When Mr Moss departed as a result of a shareholder vote on his pay in the spring of 2012, Mr Regan worked alongside Mr McFarlane on a new strategy for the business focused on reducing costs and expanding in to growth areas.
That strategy has largely been continued by Mr Wilson, with whom Mr Regan has worked closely.
Mr Wilson praised Mr Regan, and said a search is underway for his replacement.
One inside contender is Nick Amin, Mr Wilson's right-hand man and head of restructuring.
Mr Regan said in a statement that while he was pleased to be joining QBE, he was sad to be leaving Aviva.
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