DUBLIN, Ireland, April 1, 2015 /PRNewswire/ -- XL Group plc
(NYSE: XL) ("XL" or the "Company") today announced the creation of
XL Innovate, an XL sponsored venture capital initiative. The new
fund will be led by Tom Hutton,
known for his leadership in the creation of successful insurance
and financial technology ventures.
XL Innovate will be financially backed by XL and will invest in
companies that have a strategic focus on developing new
capabilities in the insurance sector. The fund will take equity
positions in companies that provide new market opportunities for XL
throughout the world. XL Innovate will strive to create
partnerships outside of the traditional underwriting space to find
ways to underwrite currently uninsured risks.
XL CEO Mike McGavick commented:
"We are very excited to launch this new initiative, which will
extend XL's capabilities in existing markets and give us new
opportunities to address some of the most pressing and complex risk
problems in the global economy. XL Innovate is an important step as
we continue to drive our focus on innovation forward and secure the
relevance of XL and the industry well into the future. We are
particularly pleased to have Tom
Hutton, and his strong track record of insurance innovation,
partnering with the XL team."
Tom Hutton, a past Director of
XL, brings extensive insurance specific knowledge to XL Innovate,
both as an executive with experience in risk analytics, as CEO of
Risk Management Solutions, Inc., White Mountains Re, and as a
Director of private and public insurance and reinsurance companies
including Montpelier Re and Safeco. Most recently, Mr. Hutton
served as the CEO and founder of New Energy Risk Inc., a provider
of innovative data analytics, strategic consulting and financial
risk transfer solutions to the renewable energy industry worldwide,
which partnered with XL last year to launch an innovative fuel cell
insurance product.
Tom Hutton added: "I am thrilled
to be partnering with the XL team at a time of both industry
transition and great momentum at the company. Mike McGavick has led the creation of a forward
looking and creative culture at XL that makes it an ideal sponsor
for this initiative, which will be further enhanced by XL's
proposed offer to acquire Catlin Group Limited, and to form an even
stronger company. We look forward to being a unique partner
to entrepreneurs with the vision and ambition to address new risks
with new solutions, unconstrained by geography, scale, or
traditional thinking."
In addition to Mr. Hutton, the fund will be led by an investment
team with successful experience in identifying, funding, and
growing innovative ventures in financial technology and
insurance. XL Innovate will be overseen by a board of
directors including Sarah Street,
currently XL's Chief Investment Officer.
As was recently announced, Ms. Street will be stepping into a
new role at XL focusing on innovation efforts and strategy
initiatives following the close of XL's proposed acquisition of
Catlin Group Limited ("Catlin"). She will play an active role
as a member of the XL Innovate investment team. Greg Hendrick, currently Chief Executive of
Insurance Operations at XL, who after the close of the proposed
Catlin transaction will become Chief Executive of XL's Reinsurance
Operations, will be the XL Leadership Team member with
responsibility for XL's involvement in the XL Innovate activities –
helping connect XL Innovate's portfolio companies to the Company's
clients, brokers and insurance and reinsurance underwriting.
XL's proposed acquisition of Catlin of remains subject to
approval of Catlin shareholders and sanction by the Supreme Court
of Bermuda, customary regulatory
approvals and anti-trust clearances, and other customary closing
conditions.
About XL Innovate
XL Innovate is an XL sponsored
venture capital initiative focused on making investments in
companies with businesses that address the world's most complex
risk and ensuring the relevancy of the insurance industry today and
into the future. XL Innovate will seek to invest in companies that
strive to create partnerships outside of the traditional
underwriting space to find ways to underwrite currently uninsured
risks. To learn more, visit www.xlgroup.com/xlinnovate
About XL Group plc
XL Group plc (NYSE:XL), through its
subsidiaries, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. XL is the company clients look to
for answers to their most complex risks and to help move their
world forward. To learn more, visit www.xlgroup.com
About New Energy Risk
New Energy Risk applies
innovative data analytics and modeling expertise to address the
complex risk and financing issues facing manufacturers, developers,
and lenders of renewable energy products and projects. New
Energy Risk has developed specialized product and project warranty
and performance risk solutions that play a significant role in
reducing the total cost of financing renewable energy
projects. To learn more, visit www.NewEnergyRisk.com
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SOURCE XL Group plc