Bermuda-based XL Capital Ltd. announced the appointment of Susan L. Cross as Global Chief Actuary. She is currently Chief Actuarial Officer of the Company’s reinsurance general operations, and will now “lead and oversee all major actuarial functions for the Company worldwide, including the establishment of unpaid loss and loss expense reserves, pricing benchmarks and related financial provisions,” said the bulletin.
She will report to President and CEO Brian M. O’Hara. Cross replaces James McNichols, “who,” XL said, ” will be leaving the Company at the end of April to pursue other interests. Her appointment is subject to the receipt of necessary regulatory approval in Bermuda.”
The bulletin noted that “Cross joined XL in February 1999 as Senior Vice President and Chief Actuary of X.L. America, Inc., in Stamford, Connecticut. In August 2004, she was named Senior Vice President and Chief Actuarial Officer of XL’s reinsurance general operations, in addition to her position as Chief Actuary for XL Re Ltd. She was responsible for all actuarial functions for the Company’s reinsurance segment including pricing, reserving and capital and catastrophe management.” She has also been responsible for strategic planning and ceded reinsurance for XL’s reinsurance general operations.
O’Hara commented: “Susan’s technical expertise and leadership qualities will be a valuable asset to the Company as we move forward in 2006 and as we continue to strengthen our enterprise-wide risk management practices. Her contributions to XL to date have been tremendous and we will continue to look to her for consistent and sound actuarial analyses, which are vital to XL’s continued disciplined underwriting and capital management.”
Prior to joining XL, Cross served as “Principal and Consulting Actuary for Tillinghast-Towers Perrin’s Property/Casualty Division in Washington, where she developed and managed a variety of actuarial consulting engagements for insurance and reinsurance company clients and self-insured organizations,” the bulletin continued. During her 15 years at Tillinghast, she also served as the asbestos practice area leader, responsible for managing research and development activities, marketing, staff development and professional standards. She was an active member of the environmental practice area, and leader of non-traditional actuarial initiatives, in which she was responsible for identifying opportunities for actuaries to apply skills on non-traditional assignments. In addition, she was a member of the mergers & acquisitions project teams and Operations Manager for the Insurance Strategic Business Unit.
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