XL Group Ltd announced the retirement of Stephen Catlin, executive deputy chairman, this week effective 31 December, 2017.
Catlin will continue as the company’s executive deputy chairman until 15 May 2017 and following that date he will act as a special advisor to Mike McGavick, XL’s chief executive officer, until the end of the year.
Catlin will also continue to serve as chairman of the Insurance Development Forum (IDF), a forum launched in 2016 by leaders of the insurance industry, the UN and the World Bank. Catlin agreed to act as a consultant to XL from 1 January 2018 to 30 September 2018 to ensure a smooth transition.
Catlin said of his decision, “When Mike and I first discussed combining XL and Catlin, we knew we could create a truly special company. 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.”