XL Group is adding a former Citigroup Inc. and J.P. Morgan & Co. Inc. executive to its board of directors, an interesting reach by the property/casualty insurer and reinsurer for some banking industry expertise.
Edward J. “Ned” Kelly III is XL Group’s latest addition to the board. He once chaired Citigroup’s Institutional Clients Group, served as the mega-bank’s Chief Financial Officer and was also head of Citi’s Alternative Investments arm. Previously, he also served as general counsel and secretary of J.P. Morgan. As well, he was a managing director of The Carlyle Group, a U.S.-based global private equity firm.
XL Group Chairman Robert Glauber said in a statement that Kelley’s appointment and his “varied experience at several noteworthy financial institutions will bring a unique perspective” to the company in areas including “capital management and strategic execution.”
Kelley’s addition to XL Group’s board comes after the property/casualty and specialty insurer and reinsurer said it lost more than $279.2 million during the 2014 second quarter, about $1.03 per share, due in large part to a $621.3 million after-tax loss on the sale of its life reinsurance subsidiary to GreyCastle Holdings. But XL Group reported gains in gross premiums written, and a 4.5 percent jump in the reinsurance segment for gross premiums written versus the same period in 2013, despite a softening market and tougher competition.
During XL Group’s investor call, CEO Mike McGavick singled out the performance of the reinsurance division in particular, noting the gains despite “reinsurance market turmoil.”