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XL Group Ltd., which does business as XL Catlin, said Tuesday that Executive Deputy Chairman Stephen Catlin will retire effective Dec. 31.
Mr. Catlin notified the company that he will not stand for re-election to the board of directors at the annual general meeting scheduled for May 19.
He will remain as the company’s executive deputy chairman until May 15 and then act as a special adviser to XL Catlin CEO Mike McGavick until the end of year.
During this time, Mr. Catlin will continue to serve as chairman of the Insurance Development Forum, a public-private forum launched in 2016 by leaders of the insurance industry, the United Nations and the World Bank, and will work on other related projects.
To ensure continuity on these matters, Mr. Catlin has agreed to act as a consultant to XL Catlin from Jan. 1, 2018, to Sept. 30, 2018.
XL Group P.L.C. completed its $4.28 billion acquisition of Catlin Group Ltd., which Mr. Catlin founded, in May 2015.
“When Mike and I first discussed combining XL and Catlin, we knew we could create a truly special company,” Mr. Catlin said in a statement. “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."
“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,” Mr. McGavick said in the statement.
XL Group Ltd. on Wednesday said Chief Financial Officer Peter Porrino is retiring effective May 1 and will be succeeded by the group's controller, Stephen Robb.