XL Group, the corporate parent of XL Catlin, said that Stephen Catlin will be retiring as executive deputy chairman at the end of 2017.
Catlin sold his eponymously-named Bermuda specialty insurer and reinsurer to XL Group in 2015 for $3.9 billion, leading to the creation of XL Catlin, and had remained on as executive deputy chairman of the combined company since then.
He’ll wind down his role with XL Group over a number of stages through late 2018.
First, Catlin won’t stand for reelection to the company’s board of directors at its annual meeting on May 19. He’ll retire as executive deputy chairman on Dec. 31, 2017, after which he’ll act as special adviser to XL CEO Mike McGavick.
While he serves in this role, Catlin will continue as chairman of the Insurance Development Forum, a public/private forum launched in 2016 by leaders of the insurance industry, the UN and the World Bank, and will work on other related projects.
Also, Catlin has said he’ll be an XL consultant from Jan. 1, 2018 through Sept. 30, 2018.
Catlin, in prepared remarks, reminisced about the XL Catlin merger, stating that it was time to move on.
“When [McGavick] and I first discussed combining XL and Catlin, we knew we could create a truly special company. Now, nearly two years after the business combination, with the integration largely completed and XL Catlin running at full steam, it is an appropriate time for me to take the opportunity to step back from an active leadership role within the company,” Catlin said. “I’m enormously proud of what we have achieved, and I wish [McGavick] and the XL Catlin team every success with their future endeavors.”
McGavick, meanwhile, offered Catlin a fond sendoff, calling him “an original and a true statesman of our industry.”
“From a teaboy at Lloyd’s to the chief executive of its largest syndicate, in Catlin Group he created a rare global success and a hive for talent that is now helping drive XL Catlin forward,” McGavick said in prepared remarks. “We are eternally grateful for his selfless leadership which was essential to the success of the XL and Catlin combination.”
McGavick added that he was looking forward to working with Catlin as a special adviser and then company consultant.
Source: XL Group
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