XL Group has revealed that its executive deputy chairman, industry figure Stephen Catlin, will retire by the end of the year.
Catlin has notified XL Group of his intention not to stand for re-election to the company’s board of directors at the annual general meeting next month.
The insurance leader, who founded Catlin Underwriting Agencies in 1984, will keep his post until May 15 and then serve as special advisor to XL CEO Mike McGavick until his retirement on December 31.
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“When Mike and I first discussed combining XL and Catlin, we knew we could create a truly special company,” Catlin said.
“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.”
Catlin will act as consultant to XL from January 1 to September 30 next year. He will also continue to serve as chairman of the Insurance Development Forum, a public-private forum launched in 2016 by industry leaders, the United Nations and the World Bank.
“Stephen is an original and a true statesman of our industry,” McGavick said. “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.”
“We are eternally grateful for his selfless leadership which was essential to the success of the XL and Catlin combination.”
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