XL Capital Ltd. tapped Michael S. McGavick, the former head of Safeco Corp., as its next chief executive officer, replacing Brian M. O'Hara on May 1.
Bermuda-based XL said Mr. McGavick will fill the slot created last October when Mr. O'Hara, CEO for the last 13 years, announced he would step down as CEO by mid-2008. In reaction, a Bank of America analyst said the appointment is both a challenge and opportunity for the company, and rated the stock a buy.
To provide continuity during the transition, Mr. O'Hara–who is currently acting chairman of XL's board–will serve as chairman during the final year of his current board term, which expires in April 2009.
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