Mike McGavick News

New York Approves AXA Acquisition of XL Group

France’s AXA Group moved a step closer to closing on its acquisition of XL Group as Nw York insurance regulators have given their approval of the deal. New York’s Department of Financial Services (DFS) on Friday announced it had approved …

How AXA Wooed and Won XL Group in $15.3B Takeover Deal

AXA SA’s pursuit of its biggest ever takeover really got serious at a romantic hotel on the shores of Lake Zurich. That’s where top executives of the French behemoth and XL Group Ltd., fresh from the annual gathering of the …

XL Group CEO McGavick Comments on Firm’s Agreed Purchase by France’s AXA

XL Group’s CEO Mike McGavick has issued the following statement to clients and brokers in response to today’s announcement that XL has entered into an agreement to be acquired by French insurer AXA. Dear Valued Partners, We wanted to let …

XL Group’s McGavick Cuts Exposure to Hedge Funds to Boost Investment Yield

XL Group Ltd., the insurer with about $38 billion of investments, is reducing its exposure to hedge funds, Chief Executive Officer Mike McGavick said. “We still do see some value there, but at this time we’ve seen it advantageous to …

XL Group Attracts Interest from Allianz, Other Rivals as Potential Buyers

Bermuda-based insurer XL Group Ltd. is attracting interest from rivals including Allianz SE of Germany, according to people with knowledge of the matter. Interest from insurers in potentially acquiring XL, which had a market value of almost $10 billion at …

Rosengarten Retires as XL Group’s Enterprise Risk Officer; Norton Named Successor

XL Group Ltd. announced that Jacob Rosengarten, group chief enterprise risk officer, retired effective Dec. 31, 2017. Fielding (Fid) Norton, who previously held the position of deputy chief enterprise risk officer, has been appointed as his successor, subject to Bermuda …

XL Group Q3 Reports Losses in Excess of $1B on Hurricanes Harvey, Irma, Maria

XL Group reported losses exceeding $1 billion for the 2017 third quarter, blaming Hurricanes Harvey, Irma and Maria for the results. The net loss of $1.04 billion for Q3 amounted to negative-$4.06 per fully diluted share, compared to $70.6 million …

XL Group Estimates $1.48B in Q3 Natural Catastrophe Losses

XL Group Ltd. announced its preliminary estimate of net losses of approximately $1.48 billion from third quarter natural catastrophes. Included within that figure is $1.33 billion in losses relating to Hurricanes Harvey, Irma and Maria, the company said, noting that …

Catlin to Retire as XL Group’s Executive Deputy Chairman

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 …

XL Catlin Appoints Karna as Chief Data Officer

XL Catlin has announced the appointment of Dr. Henna A. Karna as chief data officer, reporting to XL’s chief platform officer, Myron Hendry. Karna has more than 20 years’ experience leading data-driven, digital innovation and positive disruption within the insurance …