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Lloyd's chief risk officer leaving for XL Catlin role

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Sean McGovern, chief risk officer and general counsel at Lloyd's of London, is leaving Lloyd's to join XL Catlin as chief compliance officer and head of regulatory and government affairs, Lloyd's and XL Group P.L.C. announced Wednesday.

Mr. McGovern has been at Lloyd's for 20 years. He was appointed general counsel in 2002, was director for North America between 2010 and 2012, and was appointed chief risk officer in 2014.

Lloyd's said that, to protect commercial confidentiality, Mr. McGovern would, with immediate effect, no longer be involved in syndicate-specific activity.

He will go on gardening leave in July and take up his new post in November.

Peter Spires, currently head of legal and compliance, will become general counsel, and Hilary Weaver, head of internal audit, will take on the role of chief risk officer on an interim basis, Lloyd's said.

“Sean's contribution to Lloyd's over the last 20 years has been immeasurable,” said Inga Beale, CEO of Lloyd's, in a statement.

“Well respected across the corporation and the 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,” she said. “I am delighted his talents are not being lost by the London market, and we wish him every success in the future.”

In a separate statement, Dublin-based XL Catlin said that the chief compliance officer was a newly created one and that Mr. McGovern would have overall responsibility for corporate and regulatory compliance and also will lead global regulatory and government affairs for the company.

“For some time, we have been considering, in light of the continuing evolution of global (insurance and reinsurance) regulatory standards and expectations, how to best arrange our compliance and regulatory areas,” said Mike McGavick, CEO of XL Catlin, in the statement.

“Sean has exactly the right background and experience to keep XL Catlin at the forefront of the industry agenda and as a thought leader in compliance and regulatory affairs in our sector,” he added.

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