Bermuda-based XL Group Ltd./XL Catlin announced senior role changes in connection with a planned realignment of its property/casualty operating model.
All of the new appointments are effective as of Jan. 1, 2017.
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.
XL CEO Mike McGavick explained during the company’s Q3 earnings call on Oct. 26 that the changes are natural outgrowths from XL and Catlin’s $4 billion merger in mid-2015. XL Catlin executives Paul Brand and Kelly Lyles contributed largely to the new paradigm, he said.
“If you go back to when we brought the two companies together, we combined XL and Catlin into a classically matrix organization, to take advantage of both prior operating models,” McGavick said. “We knew that when the time was right we would take a step back to adjust to what we were learning about the organization and to be able to even better respond to the marketplace.”
McGavick said the realignment began with”observations” from Brand and Lyles, and that the final result reflects a goal to have “a model that accelerated and deepened our innovation successes and responded better to the market by streamlining decision-making and getting the business as close to the customer as possible.
Brand, currently chief underwriting officer, Insurance, will lead a new internal innovation team, Accelerate.
Brand will be responsible for leveraging efforts like the company’s ongoing innovation and InsurTech efforts, including: relationships through XL Innovate, the XL-backed venture capital fund; the company’s sponsorship of Oxbotica, a specialist in autonomous systems development; the work with BlueMarble micro insurance; and internal product innovation, the company said in a statement.
As part of the P/C realignment, XL also announced leadership changes in key P/C capabilities including 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.
Greg Hendrick, currently chief executive of Reinsurance, will assume the new role of president, Property & Casualty, overseeing the company’s entire P/C operation.
Charles Cooper, currently chief executive Reinsurance, Bermuda, will assume 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.
“Our fundamental strategy remains the same, as will the vast majority of XL Catlin colleagues our clients and brokers work with today,” McGavick said in prepared remarks.
Other leaders named as part of the P/C realignment can be found on the XL Catlin website.
Source: XL Group Ltd.
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