(XL Group focuses on large commercial risk. Photo credit: Jaxer.)
XL Group’s global operations has named Mike Garceau chief financial officer, succeeding Chris Dougherty, who now assumes the newly created position of executive vice president for
Underwriting and Ceded Re. Garceau’s previous position was chief operating officer of XL Group’s North America Property & Casualty business.
“Chris’s financial insights, experience and his background as an underwriter, actuary and risk officer make him uniquely qualified to focus on continuing to build exceptional underwriting capabilities and ceded re strategies to achieve our performance goals,” comments Greg Hendrick, chief executive of XL Group’s global insurance operations. “Mike has been instrumental in developing efficient processes, protocols and new technologies that have improved our performance and helped our North American business grow. He’ll be applying his analytic thinking and his proven skills in implementing robust processes across our global operation.”
In his new role, Dougherty will continue to report to Greg Hendrick, chief executive of XL Group’s global insurance operations. Having served as CFO of XL Group’s global insurance operations since 2012, Dougherty is establishing a new position which brings together XL Group’s Business Development, Underwriting Standards and Ceded Re functions under his leadership. His team supports insurance underwriting activities, which includes collaborating on portfolio strategies, addressing reinsurance needs, establishing best practices, enhancing predictive modeling and analytics capabilities, and advancing business and new product development, according to a statement from the insurer.
As CFO, Garceau will lead all aspects of finance including strategic planning and analysis, quarterly results, budgeting, reforecasting, expense management and financial reporting across XL Group’s global insurance segment. He now reports to Mr. Hendrick as well as to Pete Porrino, XL Group plc’s CFO.