DOW JONES NEWSWIRES
XL Group PLC (XL) appointed insurance-industry veteran Peter R.
Porrino as chief financial officer, less than a month after its
prior financial chief left for the same role at Time Warner Cable
Inc. (TWC)
The global property-and-casualty insurer and reinsurer began its
search for a new executive in late May after Irene M. Esteves
announced her plans to leave.
Porrino had been the head of Ernst & Young's global
insurance industry segment, which includes designing services to
improve the use of financial information, developing relationships
with the investor and analyst communities, as well as business
strategy assessment and deployment. He joined Ernst & Young in
1978, serving in its insurance business for 15 years before leaving
for senior management positions at several insurance companies.
XL, a property and casualty insurer that also provides
reinsurance, had been reporting improved results recently thanks to
investment recovery as well as growing premiums, though it swung to
a loss in its latest quarter because of wide natural-disaster
losses.
Shares closed Wednesday at $21.13 and were inactive premarket.
The stock remains up 19% in the past 12 months, despite falling
3.2% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com