CFO of XL Group to retire; successor revealed
Bermuda-based XL Group has appointed global corporate controller Stephen Robb as the new chief financial officer (CFO), succeeding Peter Porrino, who is set to retire in May 2017.
Porrino will continue with the company on a part-time basis, working as an advisor to chief executive officer Mike McGavick.
In his new role, Robb will report to McGavick. He joined XL Catlin in 2004 and has held various senior leadership positions that included responsibility for accounting policy, budgeting and planning, treasury functions, rating agency relationships, corporate financial close, financial regulatory reporting and finance risk and controls matters.
Prior to joining XL, Robb worked in the insurance practice of PricewaterhouseCoopers as senior manager, insurance industry group leader.
McGavick commented: "First of all, personally and on behalf of the leadership Team and our board of directors, I'd like to thank Pete for his valuable contributions to XL as an advisor prior to joining in 2011 and subsequently as a strategic steward of the company's finances and an insightful business partner.
"During Pete’s tenure as CFO he has been instrumental in our most significant achievements, including our 2014 life retrocession transaction, the successful Catlin acquisition, the implementation of our Enterprise Enablement management information project and XL's redomestication to Bermuda. Most importantly, he has been my partner and a valued friend. I look forward to continuing to work with Pete in his new capacity as an advisor to me and the company."
"At the same time, it is a real testament to the strength of our bench and Steve's deep abilities that we are able to fill Pete's role from inside the Company," he added.
"Steve has worked closely with the board and with our leadership Team for many years on major corporate initiatives and with Pete in particular in the management of our finance function. He is highly respected for his considerable intellect, astute judgment, wealth of knowledge and experience. There are few that understand the way XL is built as deeply as Steve and we're confident that he will only continue the transformation of the CFO role that Pete has led."
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