XL Group Names Eugene McQuade as Chairman of the Board

XL Group reported that Director Eugene M. McQuade has been appointed as Chairman of the Board.

McQuade has been a Director of the Company since 2004 and recently retired as Vice Chairman of Citigroup. He has formerly been Chief Executive Officer of Citibank, President of Bank of America Corp. and President and Chief Operating Officer of FleetBoston Financial Corp., among others. McQuade succeeds Robert R. Glauber, who had served as Chairman since 2009. Glauber will remain a Director of the Board and will Chair the Risk and Finance Committee.

"I am deeply honored to succeed Bob as Chairman of the Board, and look forward to helping guide XL through this new exciting phase of its growth as we continue to drive strong value for shareholders," said McQuade.

McQuade added: "Bob Glauber has been a visionary leader throughout his tenure as Chairman, and we are delighted he has decided to remain a Director. Since his appointment as Chairman, Bob's expertise and contributions have been vital to XL's success as the Company refocused its strategy on property and casualty and specialty products in global insurance and reinsurance, and on the recently completed acquisition of Catlin, which solidifies the Company's leading position in the global (re)insurance market."

XL Group, through its subsidiaries and under the XL Catlin brand, 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.