(Bloomberg) -- XL Group Plc Chief Executive Officer MikeMcGavick said that while he shuns casinos unless he’s with hismother-in-law, he’s felt lately like he was sitting at a “highstakes table” as he made insurance deals.
McGavick announced a plan in December to sell a stake in a homeinsurer to Progressive Corp. then reached an agreement the nextmonth to buy Catlin Group Ltd. for about $4 billion. Transactionsin the reinsurance and specialty-coverage industries areaccelerating to create companies that can withstand pressure fromnew rivals.
The reinsurance “sector is littered with roadkill, and yet itseems new entrants are getting on the road every day,” McGavicksaid in an annual letter to shareholders, posted on theDublin-based company’s website. “We are delighted to have beenamong those who led the way and took the patient time to identify awinning combination before the rush.”
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