XL appoints successor as chief enterprise risk officer retires

XL Group's group chief enterprise risk officer (CERO) Jacob Rosengarten has retired. His successor has been named as Fielding Norton, previously deputy CERO.

Prior to joining XL in 2010, Norton was chief risk officer for Ironshore, having previously served in a variety of risk management leadership roles.

Since joining the company in 2008, Rosengarten developed and oversaw its enterprise risk management framework and related processes (ERM). Rosengarten will continue with the company on a part-time basis, working as an advisor to Stephen Robb, XL’s chief financial officer.

Mike McGavick, chief executive officer of XL, said: "On behalf of our Leadership Team and our Board of Directors, I’d like to thank Jacob for his many contributions to XL and for his role in establishing and growing our enterprise risk management processes and for establishing XL as a thought leader in this space.

“The ERM insights which Jacob pioneered at our company have been wide ranging and impactful. They were fundamental to our successful navigation of the financial crisis, the successful integration of Catlin, and, more recently, to the approval by the Bermuda Monetary Authority, XL’s group supervisor, for the use of a full internal model.

“While I find it personally bittersweet to no longer be working with Jacob in the same capacity, I’m glad we’ll continue to benefit from his insights in his new role and pleased for him that this transition comes at a time of his choosing to create more time for his family.

"It is very gratifying that our deep bench strength allows us to fill this critical role from within. Fid is a widely respected ERM leader with broad and deep experience across the spectrum of existing and emerging risks facing a company such as ours, with its broad global reach. He has worked closely with Jacob and the Leadership Team which will make this a smooth transition for all involved."

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