Catlin announces retirement plans
Stephen Catlin, reinsurance veteran and executive deputy chairman of XL Group, has announced that he will retire at the end of the year.
According to a statement released by XL Group Catlin has notified the company of his intention not to stand for re-election to the company’s board of directors at the upcoming annual general meeting scheduled for May 19, 2017 and will step down from his position on December 31, 2017.
Catlin founded Catlin Underwriting Agencies in 1984 and oversaw the purchase of Catlin by XL in 2015, in a deal worth $4.28 billion and which resulted in the creation of XL Catlin.
XL Group said that Catlin will remain executive deputy chairman until May 15, 2017, after which he will act as a special advisor to XL’s CEO, Mike McGavick until the end of the year. During this time he will continue to serve as Chairman of the Insurance Development Forum (IDF), a public/private forum launched in 2016 by leaders of the insurance industry, the UN and the World Bank, and will work on other related projects. To ensure continuity on these matters, Catlin has agreed to act as a consultant to XL from January 1, 2018 to September 30, 2018.
"When Mike and I first discussed combining XL and Catlin, we knew we could create a truly special company," said Catlin. "Now, nearly two years after the business combination, with the integration largely completed and XL Catlin running at full steam, it is an appropriate time for me to take the opportunity to step back from an active leadership role within the company. I'm enormously proud of what we have achieved, and I wish Mike and the XL Catlin team every success with their future endeavours."
McGavick said: "Stephen is an original and a true statesman of our industry. From a teaboy at Lloyd’s to the chief executive of its largest syndicate, in Catlin Group he created a rare global success and a hive for talent that is now helping drive XL Catlin forward. We are eternally grateful for his selfless leadership which was essential to the success of the XL and Catlin combination. I look forward to continuing to work with Stephen in his new capacity, first as special advisor to me and then as a consultant to the company in relation to the very important work of the IDF."
XL’s Chairman of the Board, Eugene McQuade, added: "On behalf of the board, I would like to thank Stephen for his astute vision and voice during the last two years. From the acquisition of Catlin to today, he’s been instrumental to the success of our integration and to the creation of many of the opportunities that have come XL Catlin’s way."
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