XL insurance appoints underwriting EVP & CFO
XL Group’s insurance operations have appointed Michael Garceau as its new chief financial officer (CFO), succeeding Chris Dougherty who assumes the position of executive vice president, underwriting and ceded reinsurance.
Dougherty will continue to report to Greg Hendrick, chief executive of XL Group’s global insurance operations. Having served as CFO of XL Group’s global insurance operations since 2012, Dougherty is establishing a new position which brings together XL Group’s business development, underwriting standards and Ceded Re functions under his leadership.
Garceau most recently served as chief operating officer (COO) of XL Group’s North America property & casualty business.
As CFO, Garceau will lead all aspects of finance including strategic planning and analysis, quarterly results, budgeting, reforecasting, expense management and financial reporting across XL Group’s global insurance segment. He now reports to Hendrick as well as to Pete Porrino, XL Group’s CFO.
Hendrick said: “Chris’s financial insights, experience and his background as an underwriter, actuary and risk officer make him uniquely qualified to focus on continuing to build exceptional underwriting capabilities and ceded re strategies to achieve our performance goals.
“Mike has been instrumental in developing efficient processes, protocols and new technologies that have improved our performance and helped our North American business grow. He’ll be applying his analytic thinking and his proven skills in implementing robust processes across our global operation.”