XL Names Insurance-Industry Veteran Porrino As Financial Chief

Date : 06/16/2011 @ 9:46AM
Source : Dow Jones News
Stock : XL Grp. Ltd. (XL)
Quote : 42.51  0.05 (0.12%) @ 3:59PM

XL Names Insurance-Industry Veteran Porrino As Financial Chief

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XL Group PLC (XL) appointed insurance-industry veteran Peter R. Porrino as chief financial officer, less than a month after its prior financial chief left for the same role at Time Warner Cable Inc. (TWC)

The global property-and-casualty insurer and reinsurer began its search for a new executive in late May after Irene M. Esteves announced her plans to leave.

Porrino had been the head of Ernst & Young's global insurance industry segment, which includes designing services to improve the use of financial information, developing relationships with the investor and analyst communities, as well as business strategy assessment and deployment. He joined Ernst & Young in 1978, serving in its insurance business for 15 years before leaving for senior management positions at several insurance companies.

XL, a property and casualty insurer that also provides reinsurance, had been reporting improved results recently thanks to investment recovery as well as growing premiums, though it swung to a loss in its latest quarter because of wide natural-disaster losses.

Shares closed Wednesday at $21.13 and were inactive premarket. The stock remains up 19% in the past 12 months, despite falling 3.2% this year.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

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