Sean McGovern, chief risk officer (CRO) and general counsel, at Lloyd’s is leaving the corporation after twenty years of service, to take up the position of chief compliance officer and head of regulatory and government affairs at XL Catlin.
With immediate effect and in order to protect commercial confidentiality, McGovern will no longer be involved in syndicate-specific activity. He will go on garden leave in July, and take up his new role in November 2016.
Following McGovern’s departure, Peter Spires will take over as general counsel.
Hilary Weaver, head of internal audit, will take on the role of CRO on an interim basis. With twelve years’ experience at Lloyd’s and, prior to that over a decade at KPMG, Weaver is well acquainted with the challenges, opportunities and risks facing Lloyd’s and the insurance sector.
Olly Reeves will continue to be the primary market contact for all matters relating to risk, while Rosemary Beaver will continue in her role as head of international regulatory affairs, liaising with regulators across the globe.
McGovern joined Lloyd’s in 1996, became a member of the executive team in 2002 and was appointed to the Franchise Board in 2014. He is responsible for risk governance at Lloyd’s and legal, regulatory and government affairs globally.
During his time at the corporation, McGovern has played a key role in the development of the Lloyd’s Market. In particular, he has maintained and expanded Lloyd’s licence network globally, developed strong and transparent relationships with regulators, played a vital role in ensuring Lloyd’s readiness for Solvency II and deepened trading links in the US market during his tenure as Director, North America between 2010 and 2012.
Inga Beale, chief executive officer, Lloyd’s, said: “Sean’s contribution to Lloyd’s over the last 20 years has been immeasurable. Well respected across the corporation and market, Sean has worked closely with regulators, both in the United Kingdom and beyond to ensure that Lloyd’s thrives in the new global regulatory environment.
“As a member of the leadership team Sean has also provided sound counsel and loyal service.”
She added: “I am delighted his talents are not being lost by the London Market and we wish him every success in the future.”
McGovern added: “Lloyd’s has played a tremendously important role in my professional life to date. While I am excited to be taking on a role of this significance at XL Catlin, leaving Lloyd’s was not an easy decision to make.
“I am extremely proud of what we have achieved in the time that I have been here and I would like to thank everyone in the Corporation and the Market for their support. I am particularly grateful to Inga Beale and John Nelson for their sound judgment and energetic leadership. I look forward to seeing a modern, global, and energised market continue to be at the heart of the world’s insurance and reinsurance capability."
XL Catlin, Lloyd's, Chief risk officer, Sean McGovern, Insurance, Reinsurance, London, UK, Bermuda