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XL Group Ltd. Chief Executive Officer Mike McGavick. (Photo: Bloomberg)

(Bloomberg) – XL Group Ltd., the insurer with about $38 billion of investments, is reducing its exposure to hedge funds, Chief Executive Officer Mike McGavick said.

“We still do see some value there, but at this time we’ve seen it advantageous to rotate some of that money into different classes,” McGavick said Wednesday at an industry conference in Miami, without specifying which assets he was buying. “That has helped us with our investment yield.”

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