XL Group Ltd. Chief Financial Officer Peter Porrino is retiring from his executive role this spring, though the Bermuda-based insurer and reinsurer has chosen from within the company to replace him.
Group Controller Stephen Robb will take over from Porrino as CFO after his retirement becomes official on May 1. Porrino plans to stay on, however, as a part-time advisor for CEO Mike McGavick.
McGavick noted that Porrino has made a number of contributions to the company over the years. Porrino had been an advisor to XL before joining the company in 2011.
“During [Porrino’s] tenure as CFO he has been instrumental in our most significant achievements, including our 2014 life retrocession transaction, the successful Catlin acquisition, the implementation of our Enterprise Enablement management information project and XL’s re-domestication to Bermuda,” McGavick said in prepared remarks.”
McGavick also called Porrino a “partner and valued friend.”
Robb, Porrino’s replacement as CFO, has been with the company since 2004. XL Group (also known as XL Catlin) said Robb has held a number of “progressively senior leadership positions” at the company since then, focused on areas including accounting policy, budgeting and planning, treasury functions, rating agency relationships, corporate financial close, financial regulatory reporting and finance risk and controls issues.
Before XL, Robb was in PricewaterhouseCoopers’ insurance practice, where he was senior manager, Insurance Industry Group leader, according to XL.
Robb will report to McGavick as CFO, and join XL’s leadership team.
McGavick said that Robb’s promotion “is a real testament to the strength of our bench and [his] deep abilities.”
McGavick noted that Robb has worked closely with the board of directors and XL Group’s leadership team on a number of big corporate initiatives over the years, as well as with Porrino directly.
Robb “is highly respected for his considerable intellect, astute judgment, wealth of knowledge and experience,” McGavick said.
Source: XL Group