XL Group plc announced it has appointed Sean McGovern as chief compliance officer, head of Regulatory & Government Affairs, moving from Lloyd’s of London where he is chief risk officer and general counsel.
In this newly created role, McGovern, as chief compliance officer will have overall responsibility for corporate and regulatory compliance, reporting to the audit committee of the board and to chief executive officer Mike McGavick. He also will lead XL’s global regulatory and government affairs.
McGovern joined Lloyd’s in 1996. He became a director and Lloyd’s general counsel in 2002 and was appointed chief risk officer in 2014 when he joined the Lloyd’s Franchise Board. As CRO, he was responsible for risk governance and the legal, regulatory and government affairs for Lloyd’s of London around the world. Before joining Lloyd’s, McGovern, practiced law at Clifford Chance LLP, based in London.
“For some time, we have been considering, in light of the continuing evolution of global re/insurance regulatory standards and expectations, how to best arrange our compliance and regulatory areas,” said McGavick.
“The addition of Sean allows us to accelerate our plans to more closely align and increase the profile of these critical functions,” he added. “Sean has exactly the right background and experience to keep XL Catlin at the forefront of the industry agenda and as a thought leader in compliance and regulatory affairs in our sector.”
“Sean’s contribution to Lloyd’s over the last 20 years has been immeasurable,” said Inga Beale, chief executive officer at Lloyd’s.
“Well respected across the corporation and market, Sean has worked closely with regulators, both in the United Kingdom and beyond to ensure that Lloyd’s thrives in the new global regulatory environment. As a member of the leadership team Sean has also provided sound counsel and loyal service,” Beale said.
“I am delighted his talents are not being lost by the London market and we wish him every success in the future,” she added.
During his time at Lloyd’s, McGovern “maintained and expanded Lloyd’s license network globally, developed strong and transparent relationships with regulators, played a vital role in ensuring Lloyd’s readiness for Solvency II and deepened trading links in the U.S. market during his tenure as director, North America, between 2010 and 2012,” Lloyd’s said in a statement.
With immediate effect and in order to protect commercial confidentiality, Lloyd’s said that McGovern will no longer be involved in syndicate-specific activity. He will go on gardening leave in July, and take up his new role in November.
Commenting on the announcement, McGovern said: “I am excited to be joining XL Catlin in this new role at a time when compliance and regulatory requirements are changing around the world. These issues are critical to the future development of the re/insurance sector as a whole, and I look forward to helping drive this agenda at XL Catlin.”
McGovern is a non-executive board member of TheCityUK, which promotes the UK financial services sector and is also chairman of its International Trade & Investment Group. In November 2011 he was appointed to serve as a member of the first US Federal Advisory Committee on Insurance and has since been reappointed for a further term.
In 2015 he was also appointed by the US Treasury to serve on the terrorism insurance Advisory Committee on Risk-Sharing Mechanisms. He is also a trustee and board member of The Centre for Effective Dispute Resolution (CEDR), which promotes better conflict management and dispute resolution.
Following McGovern’s departure, Lloyd’s said that Peter Spires will take over as general counsel. Hilary Weaver, head of Internal Audit will take on the role of chief risk officer on an interim basis. With 12 years’ experience at Lloyd’s and, prior to that over a decade at KPMG, Weaver “is well acquainted with the challenges, opportunities and risks facing Lloyd’s and the insurance sector,” said Lloyd’s.
Olly Reeves will continue to be the primary market contact for all matters relating to risk, while Rosemary Beaver will continue in her role as head of International Regulatory Affairs, liaising with regulators across the globe, continued the statement from Lloyd’s.
Source: XL Group and Lloyd’s of London
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