XL Group restructures P&C operating model
XL Group (XL), headquartered in Bermuda, has made senior changes in connection with a planned realignment of its property and casualty (P&C) operating model.
The changes will be effective on January 1, 2017.
Paul Brand, currently chief underwriting officer of the insurance sector, will lead a new internal innovation team, called accelerate.
Brand will be responsible for the company’s ongoing innovation and insuretech efforts, including relationships through XL Innovate—the XL-backed venture capital fund.
He will also oversee the company’s sponsorship of Oxbotica, a company working in autonomous systems development, its work with BlueMarble micro insurance, and internal product innovation.
Greg Hendrick, currently chief executive of reinsurance, will assume the new role of president of its property and casualty team overseeing XL Group’s P&C operation.
The new P&C organisational structure will consist of four business groups: global lines, international and North America groups in insurance, and global reinsurance.
As part of the P&C realignment, XL also appointed Kelly Lyles, currently chief regional officer of insurance, who will assume the new role of chief executive client and country management. She will now be responsible for global broker management and ensuring that country leadership continues their role in bringing insurance risk products to market.
“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,” said Mike McGavick, CEO of XL Group.
“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,” he added.
He continued: “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 ongoing 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,” McGavick said.
Charles Cooper, currently chief executive of reinsurance in Bermuda, will assume Hendrick’s current role. Joe Tocco, currently chief executive of the Americas team, will become chief executive, North America of the insurance sector.
Jason Harris, currently chief executive, global casualty, will become chief executive international, insurance, while Doug Howat, currently chief executive energy, property and construction, will become chief executive global lines, insurance.
In addition to Lyles, other key P&C role changes will be Neil Robertson, currently chief executive, global specialty, who will become chief executive insurance underwriting; Paul Shedden, currently head of insurance pricing and analytics, who 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.
