Veteran Stephen Catlin retires from XL Group

Stephen Catlin, the executive deputy chairman of XL Group, is retiring from the company at the end of 2017, the Bermuda-based re/insurer announced in a statement.

Catlin will also not stand for re-election to the company's board of directors at the annual general meeting on May 19, 2017.

He will remain the company's executive deputy chairman until May 15, and following that date until the end of the year, he will act as a special advisor to XL's CEO Mike McGavick.

During this time, Catlin 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 will act as a consultant to XL from January 1, 2018 to September 30, 2018.

Catlin founded Catlin Underwriting Agencies as an underwriting agency at Lloyd's of London in 1984. The Catlin Group was acquired by XL Group in 2015.

Catlin commented: "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."

"Stephen is an original and a true statesman of our industry," said McGavick. "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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