XL seeks new reinsurance chief as Veghte steps down

Jamie Veghte, the chief executive of XL Group’s reinsurance segment, has stepped down. XL has now begun a search for a new reinsurance leader.

Veghte, who was appointed as XL’s reinsurance chief in 2006, will retire December 31, 2014.

He previously served in various roles within XL including president of XL Re America, chief operating officer of XL Re Europe and president of XL Re Latin America. Prior to joining XL, he held various positions with Winterthur Reinsurance Company of America and Mid Ocean Re.

Mike McGavick, XL’s chief executive officer, said: “On behalf of all my colleagues, I want to thank Jamie for his two decades of service to and stewardship of XL. In a tumultuous industry, Jamie has been steadfast, building our reinsurance segment into the strong operation it is today – built on intelligent underwriting, solid judgment, and superior client and broker relationships – all of which are traits that come personally from Jamie’s leadership.

“Jamie has also built one of the finest teams in the industry. Their tenure and particular market knowledge has served us very well and we are extremely confident in the continued success of the franchise.”