Amid the turmoil and power struggles that have blighted other mergers and acquisitions in the industry this year, the XL-Catlin union has stayed out of the headlines. Here, Greg Hendrick, the chief executive of XL Catlin’s global reinsurance operations, reveals to Intelligent Insurer what happened the first time the new reinsurance leadership team met and why he sees the firm as well positioned in a rapidly changing reinsurance landscape.
A boat trip around Manhattan was the closest thing to a team bonding session organised for the reinsurance team of what is now XL Catlin in the aftermath of the combination of the two companies earlier this year. When two companies come together, different cultures can collide. Not in this instance, says Greg Hendrick, chief executive of XL Catlin’s global reinsurance operations.
He recalls walking out of the lift to chair the first senior management meeting after the new reinsurance leadership team had been announced.
“You are never quite sure how the dynamics will play out; it is a new role for everyone,” he says. “But I remember walking around a corner and just hearing chatting and laughing and I knew immediately that things would go well. The reality is that both sets of executives had previously run very successful operations in terms of both client relationships and combined ratios. They all knew each other well and respected each other from working in the market so things went well from the start.”
XL Caitlin, Greg Hendrick, re/insurance,