Hamilton, Bermuda —
McGavick is scheduled to join the XL on May 1, replacing Brian O'Hara, CEO for the last 13 years, who announced in October 2007 he would retire as CEO by mid-2008. To provide continuity during the transition, O'Hara, who is currently serving as acting chairman of XL's board of directors, will serve as chairman during the final year of his current term on the board, which expires in April 2009.
McGavick, whose appointment is subject to immigration approval from the Government of Bermuda, was president and CEO of the Seattle-based Safeco Corp. from January 2001 to December 2005.
Prior to joining Safeco, McGavick spent six years with the Chicago-based CNA Financial Corp., where he held various senior executive positions before becoming president and COO of the company's largest commercial insurance operating unit.
XL Lead Director Robert Glauber, who chaired the company's CEO succession committee, said: "Mike is an extremely talented insurance executive with experience leading Safeco and, before that, the commercial lines business at CNA. The succession committee believes he is not only capable of meeting the high standards set by Brian O'Hara, but will be successful in transforming XL to meet the challenges of our next decade."
Source: XL Capital Ltd.
