(Bloomberg) -- XL Group Plc, the insurer that acquired CatlinGroup Ltd., named Citigroup Inc. veteran Eugene McQuade as chairmanas the company prepares for increased regulatory scrutiny.
|McQuade, a director since 2004, replaces Robert Glauber, who hadbeen chairman since 2009 and will remain on the board, the insurersaid in a statement Monday.
|The insurer faces a risk label after the Catlin deal that couldlead to tighter oversight from global regulators, Dublin-based XLsaid in February before the transaction was closed. McQuade in 2014canceled his retirement after Citigroup failed Federal Reservestress tests and the bank asked him to stay on as vice chairman tolead the company’s submissions. The lender in March won approvalfrom the Fed to return capital to shareholders and named areplacement for McQuade.
|The Catlin deal “solidifies the company’s leading position” ininsurance and reinsurance,’’ McQuade said in the statement, addingthat he looks forward to helping “guide XL through this newexciting phase of its growth .”
|XL, led by Chief Executive Officer Mike McGavick, has climbed 7%in New York trading this year after advancing 8% in 2014.
|--With assistance from Dakin Campbell and Doni Bloomfield inNew York.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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