Search is on to replace retiring XL reinsurance chief

James Veghte will retire as CEO of XL Group P.L.C.'s reinsurance segment, effective Dec. 31.

Dublin-based XL has begun a search for a new reinsurance chief, the company said Wednesday in a statement.

Mr. Veghte, 58, was appointed as XL's chief executive of reinsurance general operations in 2006.

He previously held various senior executive positions with XL including president of XL Re America, chief operating officer of XL Re Europe and president of XL Re Latin America. Before joining XL, Mr. Veghte held various positions with Winterthur Reinsurance Co. of America and Mid Ocean Re.

“On behalf of all my colleagues, I want to thank Jamie for his two decades of service to and stewardship of XL,” said XL CEO Mike McGavick in the statement. “In a tumultuous industry, Jamie has been steadfast, building our reinsurance segment into the strong operation it is today — built on intelligent underwriting, solid judgment, and superior client and broker relationships — all of which are traits that come personally from Jamie's leadership.”