XL’s New Ocean appoints COO

XL’s re/insurance linked investment unit, New Ocean Capital Management, has appointed a chief operating officer (COO) and upped its contribution in terms of income to XL.

Peter Gracey has been appointed as COO. Gracey joined New Ocean Capital Management in July 2014 and is based in Bermuda. He was previously head of operations with private equities investment house Meditor Group.

In its third quarter report, XL said that it received $40.4 million of net income from its investment management stakes and equity accounted alternative portfolio. This is compared to net income of $15.1 million in the same period of the prior year.