XL Group plc, the insurer that acquired Catlin Group Ltd., named Citigroup Inc. veteran Eugene McQuade as chairman as the company prepares for increased regulatory scrutiny.
McQuade, a director since 2004, replaces Robert Glauber, who had been chairman since 2009 and will remain on the board, the insurer said in a statement Monday.
The insurer faces a risk label after the Catlin deal that could lead to tighter oversight from global regulators, Dublin-based XL said in February before the transaction was closed. McQuade in 2014 canceled his retirement after Citigroup failed Federal Reserve stress tests and the bank asked him to stay on as vice chairman to lead the company’s submissions. The lender in March won approval from the Fed to return capital to shareholders and named a replacement for McQuade.
The Catlin deal “solidifies the company’s leading position” in insurance and reinsurance,” McQuade said in the statement, adding that he looks forward to helping “guide XL through this new exciting phase of its growth .”
XL, led by Chief Executive Officer Mike McGavick, has climbed 7 percent in New York trading this year after advancing 8 percent in 2014.
–With assistance from Dakin Campbell and Doni Bloomfield in New York.
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