XL CEO Mike McGavick News

AXA to Complete Acquisition of XL Group Sept. 12

Axa announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group Ltd. previously announced on March 5, 2018. The Paris-based global insurer said it expects to close on the acquisition of XL …

XL Group Shareholders Give AXA Acquisition Green Light

Insurer XL Group’s shareholders have approved an agreement for AXA to acquire 100 percent of XL Group. Total consideration for the planned acquisition would amount to approximately USD $15.3 billion, to be fully paid in cash. Under the terms of …

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 to Sell $22B of Life Policies to RGA, as CEO McGavick Narrows Focus on P&C

XL Group Plc agreed to sell about 290,000 life insurance policies at a loss to Reinsurance Group of America Inc. as Chief Executive Officer Mike McGavick narrows his company’s focus to property & casualty coverage after buying Catlin Group Ltd. …

‘Be the Risk Sherpa,’ XL’s CEO McGavick Tells Risk Managers at Airmic

Mike McGavick, CEO of XL Group, told UK-based risk managers attending this year’s Airmic [Association of Insurance and Risk Managers in Industry] conference in Birmingham: “It’s a great time to be in your jobs, there is great opportunity for you …