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$XL 2Q15 Call: We remain on track to achieve our synergy target of $250MM by year-end 2017 on a run rate basis and the ratio of cost to savings remains the same. We're also on track to gain the non-operating expense savings from areas like reinsurance, purchasing, claims adjusting expenses and investment management fees.
$XL appointed Leila Madeiros, SVP, Deputy Director and Corporate Secretary of the Association of Bermuda Insurers and Reinsurers, as Head of Compliance & Regulatory Affairs, Bermuda. Madeiros will report to Sean McGovern, $XL's Chief Compliance Officer & Head of Government & Regulatory Affairs and will be a member of his leadership team.
$XL said that due to the recent wildfires in Southern California it is estimating natural catastrophe net losses of about $45MM and about $20MM related to other events. The estimated losses are evenly split between $XL's Insurance & Reinsurance segments. $XL also reaffirmed its previously disclosed aggregate net losses related to 3Q17 catastrophes.
XL Catlin, a unit of insurance firm $XL, has appointed Simon Price as Head of Mergers and Acquisitions, Insurance, EMEA. Price had been working for Marsh's Private Equity and M&A practice, with the most recent role being Head of the company's UK Transaction Risk Team. Earlier, he was engaged in private legal practice in London for 10 years.
XL Catlin, a unit of $XL, has appointed Todd Wilhelm as Regional Product Leader of Energy, Property and Construction for Asia Pacific. Most recently, Wilhelm served QBE Insurance as Chief Underwriting Operations Officer. Earlier, he had worked at ACE Insurance and FM Global.
$XL announced that Jacob Rosengarten, Group Chief Enterprise Risk Officer, retired effective December 31, 2017. Fielding Norton, who previously held the position of Deputy Chief Enterprise Risk Officer, has been appointed as his successor, subject to Bermuda immigration approval.
Insurance company $XL said it promoted Jay Lefkowitz to the post of President of Global Risk Management. He will continue to report to Joe Tocco, CEO of Catlin's North American insurance business. Lefkowitz had been leading the US Risk Management team since he joined the company in 2011.
$XL announced its preliminary estimate of natural catastrophe net losses of approximately $250MM for 4Q17 through Dec. 1, 2017. The primary driver of this estimate is the impact of the October 2017 wildfires in Northern California of approx. $200MM primarily from the company’s Reinsurance segment.
XL Catlin, part of $XL, appointed Yera Patel to the position of Global Practice Leader for International Financial Lines Claims. Based in London, Patel will be responsible for managing a team of technical practice leaders, driving the resolution of XL Catlin's International Financial Lines claims by delivering market leading service.
$XL said it can now underwrite Kidnap, Ransom & Extortion insurance solutions to France-based brokers and clients, from Paris. The coverage is designed to provide financial protection against the risks associated with kidnap, ransom and extortion events. Clients have access to risk assessment, and crisis management training and planning programs.
$XL announced its preliminary estimate of net losses of approx. $1.33Bil relating to Hurricanes Harvey, Irma and Maria. For 3Q17, total catastrophe losses including smaller loss events are preliminarily estimated at approx. $1.48Bil. On an after-tax basis, the preliminary estimate of total catastrophe net losses for 3Q17 is approx. $1.35Bil.
XL Catlin's internal innovation team Accelerate said it is working with Cytora, a UK-based Insurtech start-up that uses AI and open source data to improve the way insurers quantify, select and price risk. $XL's XL Catlin will use Cytora's expertise in sourcing and analysing data from multiple sources and combining to create new insights into risk.
XL Catlin's insurance operation in Iberia announced new local underwriting capabilities with the appointment of Santiago Herrero as Head of Political Risk, Credit & Bond (PRCB), Iberia. Herrero will be based in Madrid and report to Dan Riordan, XL Catlin's Global Head of PRCB. XL Catlin is part of $XL.
Insurance firm $XL has decided to move XL Insurance Company, its principal European Union insurance company, from the UK to Ireland in 2018 in response to Brexit. The measure is expected to allow clients and brokers to benefit from continuity of service through the company’s branch network in Europe.
$XL said XL Catlin's insurance operations appointed Roman Mosli as Underwriting Manager Casualty, Switzerland, Insurance. Mosli replaces Michael Rusch who steps down from his role as Underwriting Manager Casualty Switzerland, Insurance, effective immediately, in order to fully focus on his role as Country Manager Switzerland, Insurance.
$XL said XL Catlin’s Broker & Client Management is expanding their team in the US with the addition of Arden Young as its new Client Distribution Leader. Young joins XL Catlin from Gallagher Bassett Services Inc. where he most recently served as VP for business development.
Insurance company $XL has named David Watts VP and Aviation Manager, Canada. Earlier, Watts served Boston Marks London as CEO. Stephanie Hope was appointed as Aviation Underwriter, Calgary. Most recently, Hope served Charles Taylor as Loss Adjuster. In addition, the company appointed Timothy Bartos as VP/Senior Underwriter, New York.
XL Catlin, a $XL company, said its insurance operation in Iberia appointed Carlota Martinez and Antonio Prior to its Financial Lines team in Madrid as Senior Underwriters, and that Silvia Fernandez has been promoted to Junior Underwriter. All three will report to Ana Dores, Financial Lines Underwriting Manager based in Madrid.
$XL's global brand XL Catlin appointed Ashish Umre as Accelerate Partner, Artificial Intelligence, based in London. Accelerate is XL Catlin's internal disruption and innovation team. Umre is responsible for developing XL Catlin's participation in AI projects working with partner start-ups to understand and develop their technical capabilities.
Insurance firm $XL said a total of $420.26MM of aggregate principal amount of securities were tendered in a tender offer by the company’s subsidiary XLIT Ltd. The tender offer is relating to the securities of XL-Cayman and XL Group subsidiary Catlin Insurance Company.