XL Capital Ltd. announced that Clive R. Tobin will retire effective April 1, 2008 from his role as Chief Executive of the Company’s Insurance Operations. He will continue to assist XL with strategic opportunities in emerging markets.
David B. Duclos, currently Chief Operating Officer of XL’s Insurance Operations, has been named to succeed Tobin as Chief Executive.
Brian M. O’Hara, President, CEO and currently XL’s Acting Chairman, commented: “Clive Tobin joined us in 1995 and has been an outstanding leader of our insurance segment since his appointment to that role almost four years ago. During a period of transformational growth, he drove the integration of our businesses and acquisitions that led us to our position as a major global insurer. As the Insurance segment now embarks upon the next stage of its strategic development, he has determined that this is an appropriate time to transition the leadership.”
Tobin’s new official title is Vice Chairman of XL Insurance (Bermuda) Ltd. He will initially work with Duclos during the transition, concentrating on the continued development of the Company’s joint venture in Brazil, which he spearheaded in 2006. O’Hara noted that Tobin is “very familiar with this emerging market and the industry changes now taking place within Brazil, and we welcome his assistance with this initiative as well as support during the transition process.”
XL’s COO Henry Keeling described Duclos as a “strong insurance professional” and noted that he has “played a key part in the development of our insurance franchise since joining us four years ago.” He is familiar with XL’s global markets as well as “our staff and service capabilities, our product portfolio and our plans for the future,” Keeling continued, adding that he is “a natural for the segment CEO role,” and that the Company was fortunate in this regard.
Duclos has 28 years of experience in the insurance industry. He joined XL in October 2003 after three years at Kemper Insurance Company in various senior level positions. Prior to Kemper he spent 21 years at CIGNA Corporation, which included a variety of regional and national management roles in the field and home office.
Source: XL Capital Ltd. – http://www.xlcapital.com
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