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XL Group has announced that chief financial officer (CFO) Peter Porrino is set to retire in May 2017. He will be succeeded by current global corporate controller Stephen Robb, who will report to CEO Mike McGavick.
The Bermuda-based company said that despite having retired Porrino will still continue with the company on a part-time basis and will act as an advisor to McGavick.
Robb 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.
Before joining XL, Robb worked in the insurance practice of PricewaterhouseCoopers as senior manager, insurance industry group leader.
“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,” said McGavick in a statement.
“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.”
XL Catlin, XL Group, Stephen Robb, Peter Porrino, Retirement, Appointment, Bermuda, UK