XL Group Ltd. on Thursday said it has promoted Jay Lefkowitz to president of its global risk management business in North America, effective immediately.
Mr. Lefkowitz is assuming the position formerly held by Ken Riegler, who recently left to join American International Group Inc., an XL spokeswoman said in an email.
Mr. Lefkowitz assumes underwriting management of XL’s North America primary casualty platform including its U.S. risk management and multinational casualty businesses, the insurer said in a statement.
Based in New York, he reports to Joe Tocco, chief executive of XL’s North American insurance business.
Mr. Lefkowitz was previously head of XL’s U.S. risk management team and joined the company in 2011.
His replacement to head U.S. risk management has not been made, according to the spokeswoman.
Mike McGavick, chief executive of Bermuda-based insurer and reinsurer XL Group Ltd., said that the reinsurance industry has been chronically underpricing catastrophe-exposed products, Artemis.bm reports. As a result, after major losses, such as the recent hurricanes and earthquakes, the market reaches an inflection point as it looks to reprice, Mr. McGavick said.