XL Group's Insurance Operations Names Executive Vice President of Underwriting and Ceded Re; Appoints New CFO

NEW YORK, Oct. 15, 2014 /PRNewswire/ -- XL Group's global insurance operations has named Michael Garceau as its new Chief Financial Officer, succeeding Chris Dougherty who now assumes the newly created position of Executive Vice President, Underwriting and Ceded Re.  Mr. Garceau is promoted to the CFO position from his previous position as Chief Operating Officer (COO) of XL Group's North America Property & Casualty business.

In his new role, Mr. Dougherty will continue to report to Greg Hendrick, chief executive of XL Group's global insurance operations. Having served as CFO of XL Group's global insurance operations since 2012, Mr. Dougherty is establishing a new position which brings together XL Group's Business Development, Underwriting Standards and Ceded Re functions under his leadership.  His team supports insurance underwriting activities, which includes collaborating on portfolio strategies, addressing reinsurance needs, establishing best practices, enhancing predictive modeling and analytics capabilities, and advancing business and new product development.

As CFO, Mr. Garceau will lead all aspects of finance including strategic planning and analysis, quarterly results, budgeting, reforecasting, expense management and financial reporting across XL Group's global insurance segment.  He now reports to Mr. Hendrick as well as to Pete Porrino, XL Group plc's CFO. 

Commenting on the appointments, Mr. Hendrick noted:  "Chris's financial insights, experience and his background as an underwriter, actuary and risk officer make him uniquely qualified to focus on continuing to build exceptional underwriting capabilities and ceded re strategies to achieve our performance goals.  Mike has been instrumental in developing efficient processes, protocols and new technologies that have improved our performance and helped our North American business grow. He'll be applying his analytic thinking and his proven skills in implementing robust processes across our global operation."

About XL Group plc's Insurance Operations

XL Group plc's insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance

About XL Group plc

XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world.  XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com

XL Group is the global brand used by XL Group plc's insurance and reinsurance subsidiaries.

SOURCE XL Group

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