XL Group Ltd., the parent company to the XL Catlin insurance and reinsurance brand, has promoted Fielding Norton to the role of Group Chief Enterprise Risk Officer, to succeed Jacob Rosengarten who retired at the end of December.
Fielding Norton was previously in the role of Deputy Chief Enterprise Risk Officer and subject to Bermuda immigration approval has been promoted to lead that function in the XL Group business.
Norton was previously the Chief Risk Officer at specialty re/insurer Ironshore, before which he served in a range of risk management leadership roles.
Rosengarten had been with XL Group since 2008 and in his time at the re/insurer he developed and oversaw its Enterprise Risk Management framework and related processes. Rosengarten will continue working for XL on a part-time basis as an advisor to Stephen Robb, the group’s Chief Financial Officer.
Commenting on the retirement and promotion, Mike McGavick, Chief Executive Officer of XL, said, “On behalf of our Leadership Team and our Board of Directors, I’d like to thank Jacob for his many contributions to XL and for his role in establishing and growing our enterprise risk management processes and for establishing XL as a thought leader in this space. The ERM insights which Jacob pioneered at our company have been wide ranging and impactful. They were fundamental to our successful navigation of the financial crisis, the successful integration of Catlin, and, more recently, to the approval by the Bermuda Monetary Authority, XL’s group supervisor, for the use of a full internal model. While I find it personally bittersweet to no longer be working with Jacob in the same capacity, I’m glad we’ll continue to benefit from his insights in his new role and pleased for him that this transition comes at a time of his choosing to create more time for his family.
“It is very gratifying that our deep bench strength allows us to fill this critical role from within. Fid is a widely respected ERM leader with broad and deep experience across the spectrum of existing and emerging risks facing a company such as ours, with its broad global reach. He has worked closely with Jacob and the Leadership Team which will make this a smooth transition for all involved.”
