XL Group makes series of senior hires in P&C operating model update
XL Group has made a series of senior appointments to coincide with a planned realignment of its property/casualty operating model, all effective January 1, 2017.
The current chief underwriting officer Paul Brand will lead a new internal innovation team, Accelerate.
Greg Hendrick, the current chief executive of reinsurance, will assume the role of president of property and casualty, and will oversee the company’s entire P&C operation.
The new P&C organisational structure will include four business groups: global lines, international and North America groups in insurance, with global reinsurance comprising the fourth group.
As part of this realignment, XL has appointed the current chief regional officer Kelly Lyles as chief executive of client and country management.
Lyles will be responsible global broker management and for ensuring that country leadership continues its role in bringing insurance risk products to market.
Mike McGavick, CEO of XL, said: "The operating model we put in place at the time of our integration was highly successful, as we retained business and talent beyond our expectations.
“Now, in-line with our commitment to make it better, we're realigning our operations to simplify decision making and to create clearer leadership and accountability.
“Wherever possible, underwriting decisions will be closer to the client and broker and with a simplified review process giving us a greater ability to respond to market opportunities and drive innovation.
“But, importantly, our fundamental strategy remains the same as will the vast majority of XL Catlin colleagues our clients and brokers work with today.
"Much of this realignment originated with Paul Brand and his vision for how we might accelerate innovation and at the same time simplify our core businesses. Accordingly, I couldn't think of a better candidate to help collect and accelerate our on-going innovation initiatives.
“Without question, innovation of our core P&C product requires a blend of fundamental underwriting knowledge and a forward looking perspective.
"And, in this new model Greg Hendrick is the ideal candidate to lead our core P&C operations. He has led both Insurance and Reinsurance, and has been instrumental in developing the Company's long standing strategy."
Brand will be responsible for leveraging efforts like the Company's ongoing innovation and insuretech efforts.
The efforts include building relationships through XL Innovate, the XL-backed venture capital fund; the company's sponsorship of Oxbotica, a leader in autonomous systems development; the work with BlueMarble micro insurance; and internal product innovation.
The current chief executive of reinsurance in Bermuda, Charles Cooper, will assume Hendrick’s current role as chief executive of reinsurance.
Joe Tocco, current chief executive for the Americas, will become chief executive for North America, insurance.
Jason Harris, currently chief executive of global casualty, will become chief executive international, insurance.
Doug Howat, currently chief executive for energy, property and construction, will become chief executive of global lines, insurance.
In addition to Lyles, Neil Robertson, currently chief executive global specialty will become chief executive insurance underwriting; Paul Shedden, currently head of insurance pricing and analytics will become chief executive, insurance pricing and analytics; and Mark van Zanden, currently chief executive of ceded re who will become chief executive, P&C underwriting capital management.
