XL Capital announced that it has appointed Jacob D. Rosengarten as Executive Vice President and Chief Enterprise Risk Officer of the XL group of companies. He is currently a Managing Director of Goldman Sachs, and will join XL on September 15, 2008.
XL said he will “be responsible for ensuring the efficient identification, assessment, monitoring, and reporting of key risks across the XL group. He will report directly to XL’s Chief Executive Officer Michael S. McGavick, will chair XL’s Enterprise Risk Committee which is comprised of the Company’s top risk management professionals, and will provide information to XL’s Board of Directors and executive management with respect to enterprise risk management policies and procedures.”
During his 30-year career, Rosengarten has held several leadership roles in risk management, including Managing Director of Risk Management and Analytics for Goldman Sachs Asset Management (GSAM) for the past 10 years. Prior to this, from 1993 to 1997, he was Director of Risk and Quantitative Analysis at Commodities Corporation, which was acquired by GSAM in 1997 and is now GSAM’s Hedge Fund Strategies Unit. From 1983 to 1992 he held progressively senior positions as Director of Accounting, Assistant Controller, then Controller at Commodities Corporation. He began his career as an Auditor at Arthur Young & Company in 1979.
McGavick stated that Rosengarten’s appointment “demonstrates XL’s commitment to excellence in enterprise risk management. This has been a core pillar of XL’s business and while much progress has been made at XL, we know we can do better, and, working with Jacob, this remains one of my top key areas of focus. We are excited to add Jacob’s wealth of knowledge and experience in Enterprise Risk Management to our reorganized leadership in risk underwriting and management.”
Source: XL Capital – www.xlcapital.com
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