XL Reorganizes Global Management Structure

Bermuda’s XL Capital Ltd. announced that it is creating two new senior executive positions in recognition of the continuing development of its organizational structure and global management.

Executive Vice President, Group Operations Fiona E. Luck, becomes Global Head of Corporate Services, and Executive Vice President and Chief Executive for Reinsurance Operations Henry C.V. Keeling has been named global head of business services, in addition to his existing responsibilities.

“Business Services will embrace the infrastructure aspects of XL’s activities, including Information Technology, Real Estate and the coordination of Global Shared Services across the Company,” said the bulletin. “Corporate Services will further advance XL’s activities relating to Strategic Planning, Human Resources, Marketing, Global Communications, Public Relations & Corporate Social Responsibility.”

XL President and CEO Brian M. O’Hara commented: “XL views the provision of comprehensive and efficient Corporate and Business Services to our segments as a key factor in successfully implementing global strategies in Insurance, Reinsurance and Financial Products. One of our strategic priorities is cycle management, and I believe that these senior level appointments bring an appropriate level of executive focus to bear on this. Both Fiona and Henry have extensive business experience that will be invaluable in helping us optimize services to our customers.”

Ms. Luck observed: “Over the past two years, we have focused on embedding core values and qualitative goals into XL’s culture. This initiative has been particularly important in the current environment, and we expect to see it continue to play a critical role in our strategy. We believe that Corporate Services will be the vehicle to allow us to further execute this strategy and build on our current momentum.”

In addition to the two appointments XL announced that James Veghte, currently CEO of XL Re America, has been appointed Chief Operating Officer for XL’s Reinsurance Operations. In this role, he will continue to report to Mr. Keeling, but will also assume a broader responsibility for the operating business units within XL’s reinsurance division.

Keeling explained: “While I remain very involved as Chief Executive for Reinsurance Operations, particularly the strategic development of this business segment, it is clear that I will need to devote more of my time to my new responsibilities.” He indicated that Veghte “has assumed roles of increasing importance in the Reinsurance Operations since he first joined us in 1994. We are very fortunate to have an executive of Jamie’s talent who can step up to this position, and we are pleased to be able to continue to develop and demonstrate our own bench-strength.”