HAMILTON, Bermuda, Oct. 26, 2016 /PRNewswire/ -- Today XL Group
Ltd ("XL" or the "Company") (NYSE: XL) announced senior role
changes in connection with a planned realignment of its Property
& Casualty ("P&C") Operating Model, all of which will be
effective January 1, 2017.
Paul Brand, currently Chief
Underwriting Officer, Insurance, will lead a new internal
innovation team, Accelerate. Greg
Hendrick, currently Chief Executive of Reinsurance, will
assume the new role of President, Property & Casualty
overseeing the Company's entire P&C operation.
The new P&C organizational structure will consist of four
business groups aligned principally to their patterns of
distribution and client focus: Global Lines, International and
North America groups in Insurance,
with global Reinsurance comprising the fourth group.
As part of the P&C realignment, XL also announced leadership
changes in key P&C Capabilities including Kelly Lyles, currently Chief Regional Officer,
Insurance, who will assume the new role of Chief Executive Client
& Country Management, responsible for global broker management
and for ensuring that country leadership continues their critical
role in bringing insurance risk products to market.
Commenting on the announcement, XL CEO, Mike McGavick said: "The operating model we put
in place at the time of our integration was highly successful, as
we retained business and talent beyond our expectations. Now,
in-line with our commitment to make it better, we're
realigning our operations to simplify decision making and to create
clearer leadership and accountability. Wherever possible,
underwriting decisions will be closer to the client and broker and
with a simplified review process giving us a greater ability to
respond to market opportunities and drive innovation. But,
importantly, our fundamental strategy remains the same as will the
vast majority of XL Catlin colleagues our clients and brokers work
with today.
"Much of this realignment originated with Paul Brand and his vision for how we might
accelerate innovation and at the same time simplify our core
businesses. Accordingly, I couldn't think of a better candidate to
help collect and accelerate our ongoing innovation initiatives.
Without question, innovation of our core P&C product requires a
blend of fundamental underwriting knowledge and a forward looking
perspective.
"And, in this new model Greg
Hendrick is the ideal candidate to lead our core P&C
operations. He has led both Insurance and Reinsurance, and
has been instrumental in developing the Company's long standing
strategy."
Brand will be responsible for leveraging efforts like the
Company's ongoing innovation and insuretech efforts, including:
relationships through XL Innovate, the XL-backed venture capital
fund; the Company's sponsorship of Oxbotica, a leader in autonomous
systems development; the work with BlueMarble micro insurance; and
internal product innovation.
Charles Cooper, currently Chief
Executive Reinsurance, Bermuda
will assume Greg Hendrick's current
role as Chief Executive of Reinsurance. Joe Tocco, currently Chief Executive, Americas,
will become Chief Executive North America, Insurance. Jason Harris, currently Chief Executive, Global
Casualty will become Chief Executive International, Insurance,
while Doug Howat, currently Chief
Executive Energy, Property and Construction, will become Chief
Executive Global Lines, Insurance.
In addition to Lyles, leading other key P&C Capabilities
will be Neil Robertson, currently
Chief Executive Global Specialty who will become Chief Executive
Insurance Underwriting; Paul
Shedden, currently Head of Insurance Pricing and Analytics
who will become Chief Executive, Insurance Pricing & Analytics;
and Mark van Zanden, currently Chief
Executive Ceded Re who will become Chief Executive, P&C
Underwriting Capital Management.
Other leaders named as part of the P&C realignment can be
found here: http://www.xlcatlin.com/insurance/org
About XL Group Ltd
XL Group Ltd (NYSE:XL), through
its subsidiaries and under the XL Catlin brand, 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. Clients look to XL Catlin for answers to their most
complex risks and to help move their world forward. To learn
more, visit www.xlgroup.com.
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SOURCE XL Group Ltd