XL Group Ltd (NYSE:XL) has announced the retirement of that Jacob Rosengarten. The company’sChief Enterprise Risk Officer (“CERO”) effective December 31, 2017. The company has appointed Fielding Norton (“Fid”) as his successor. The appointment of Fielding will be subject to Bermuda immigration approval.
Before joining the company in 2010, Mr. Norton worked at Ironshore as Chief Risk Officer having initially served in several risk management leadership positions. Mr. Norton attended University of Kansas where he graduated with Bachelor of Science. He holds Masters in Applied Physics plus a Ph.D. in Earth & Planetary Sciences both from Harvard University.
Since his appointment in 2008, Mr. Rosengarten has been in charge of the company’s Enterprise Risk Management framework as well as related processes. Mr. Rosengarten will continue working for the company as an advisor to Chief Financial Officer Stephen Robb. He will be working on part-time basis.
In a statement, XL Chief Executive Officer Mike McGavick said the company is grateful for Jacob’s contributions to the success of the company as well as his role in setting up and developing the company’s enterprise risk management processes as well as setting the company as a thought leader in the field. He added that the ERM insights, which were pioneered by Jacob at the company, have been impactful and wide ranging. They greatly helped the company in successfully going through turbulent financial times. He added that Jacob help in the successful integration of Catlin as well as securing the approval by the Bermuda Monetary Authority for use of full internal model. McGavick added that although Jacob is stepping down, the company will continue benefitting from his expertise in his new position saying that the transition will allow him to create more time for his family.
While commenting on Fid’s appointment, Mr. McGavick said that the company has a big pool of professionals that allows it to fill the position through internal sourcing. He said Fid is a very respected leader of ERM and has wide experience in both existing and new challenges that a company can face. Fid has worked closely with Jacob which will help in the smooth transition.