XL Group, a global insurance and reinsurance company, has hired from within to fill a crucial executive position.

Michael Garceau will now be chief financial officer of XL Group’s global insurance operations. His job: to handle finance related tasks including strategic planning and analysis, quarterly results, budgeting, reforecasting, expense management and financial reporting across the division.

He’ll report to two people: Greg Hendrick, CEO of XL Group’s global insurance operations, and Pete Porrino, CFO of the entire company. Previously, Garceau served as chief operating officer for XL Group’s North America Property & Casualty business.

Garceau replaced Chris Dougherty, who takes on the new position of executive vice president, underwriting and ceded reinsurance.

Hendrick said in a statement that Garceau “has been instrumental in developing efficient processes, protocols and new technologies that have improved our performance and helped our North American business grow.”

Now, Garceau gets a chance to apply those techniques globally, Hendrick noted.

XL Group will hold its 2014 third-quarter earnings conference call on Oct. 27, 2014.

Source: XL Group plc