XL Group plc (“XL”) (NYSE: XL) today announced that industry veteran Chris McKeown has been appointed Chief Executive Officer of New Ocean Capital Management Limited, the investment management company recently formed by XL and funds managed by Stone Point Capital. The Bermuda-based company will focus on providing third-party investors access to insurance-linked securities (“ILS”) and other insurance and reinsurance capital markets products. New Ocean Capital Management Limited is expected to be operational for the upcoming renewal season. Mr. McKeown’s appointment is subject to Bermuda Immigration approval.
With a reinsurance career spanning three decades, Mr. McKeown has held senior executive positions with Guy Carpenter & Company, ACE Tempest Reinsurance Company, CIG Reinsurance (owned by funds managed by Citadel Investment Group) and most recently Pillar Capital.
Commenting on Mr. McKeown’s appointment, Chief Executive of XL’s Reinsurance Operations James H. Veghte said: “XL and Stone Point Capital are pleased to announce this appointment. Chris brings outstanding experience in managing reinsurance capital markets risk portfolios and building convergence asset management businesses.”
Charles A. Davis, CEO of Stone Point Capital, said: “Chris brings extensive insurance industry experience as an underwriter, broker and investor, and we believe he is an excellent choice to lead New Ocean. We welcome Chris to New Ocean and look forward to building a leading ILS and insurance and reinsurance capital markets investment manager.”
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com
About Stone Point Capital LLC
Stone Point is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed five private equity funds – the Trident Funds – with aggregate committed capital of more than $9 billion. In addition to the capital invested by the Trident Funds, Stone Point has secured approximately $6 billion of equity co-investments since 2001. Stone Point targets investments in the global financial services industry, including investments in insurance and reinsurance companies, banks and depository institutions, companies that provide outsourced services to financial institutions, asset management firms, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point, see www.stonepoint.com
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
This press release contains forward-looking statements. Statements that are not historical facts, including statements about XL's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements include the factors set forth in XL's reports on Form 10-K, Form 10-Q and other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future developments or otherwise.