A major executive is retiring at USAA, and the search is on for his replacement. QBE is reorganizing and hired from within to fill a newly created executive position. XL Catlin is beefing up its alternative capital capabilities with a former Montpelier Re executive.
USAA is searching for a new president to lead its Property and Casualty Insurance Group.
Whichever internal or external candidate hired for the position will replace Alan Krapf, president of the division since May 2014. He recently announced plans to retire in early 2017 from the insurer and financial services company that serves current and former members of the U.S. military and their families.
Once a new president is in place, plans call for Krapf remaining at USAA as a special assistant to the CEO until his retirement. Krapf had been with USAA since 1989, and has served in various leadership roles with the company. He also serves on the boards of the National Association of Mutual Insurance Companies and The Institutes.
QBE, disclosed in its recent 2015 financial results that it is creating a new position of group chief operations officer as of Feb. 23, and Colin Fagen will fill the role.
Fagen had been group chief strategy officer. With this revised structure, responsibility for strategy will now be returned to the Group CEO and Group Executive.
Along with the change, Mike Emmett, currently group executive officer, operations, will be leaving the company. During his five-year stint with the company, he is credited with leading QBE’s global transformation program, including the establishment of its Group Shared Services Center, and also achieving synergies in IT infrastructure and procurement.
XL Catlin is focused on expanding its alternative capital capabilities, and has appointed a former Montpelier Re executive to get the job done.
Daniel Brookman will be senior vice president, alternative capital. He’ll report to Craig Wenzel, head of alternative capital, and coordinate XL Catlin’s alternative capital activities in Bermuda. This will include oversight of XL Underwriting Managers Ltd., which provides support to XL Catlin initiatives.
Previously, Brookman was head of capital markets at Montpelier Re, where he developed and managed account investment strategies for major institutional investors. He is a 15-year veteran of the alternative capital industry.
Sources: USAA, QBE, XL Catlin