Gurgaon, India – November 4, 2014 – XL Group today announced that it has appointed Derek Nazareth as Country Manager for India. In his new role, Mr. Nazareth will lead over 900 employees in XL Group’s office in Gurgaon, an office at the heart of delivering complex business support services to the Group.
Mr. Nazareth, who has worked in financial services for over 30 years, has held senior roles at the likes of Royal Bank of Scotland (RBS), Citizens Bank, Coutts & Co and NatWest, with responsibility for leading high-profile business development and strategic initiatives. Notably, at RBS he delivered a large change management programme as Head of Retail and Commercial Markets, Non-Core Division, Asia. Originally from India, Mr. Nazareth has significant international experience, having spent the majority of his working life in the UK, with stints in the US and India.
Commenting on the appointment, Myron Hendry, Executive Vice President and Chief Platform Officer at XL Group, said: “Derek’s significant experience, and the leadership skills he has acquired over three decades of working in financial services, ideally equip him for this role. Our office in India is one of our largest globally, with staff delivering underwriting support, claims administration, actuarial services, finance and accounting, and more. In his new role, Derek will be responsible for uniting these functions and delivering our ambitions to make our India office a Center of Excellence while increasing its contribution to operating leverage for the Company.”
Mr. Nazareth replaces Philippe Lutgen, who, after five years of successfully leading XL Group’s operations in India, will relocate to XL Group’s London office at the end of the year, taking up the position of Head of Enterprise Services. In this role, Mr. Lutgen’s brief is to oversee three major aspects of XL Group’s enterprise services: Corporate Administrative Services; Enterprise Sourcing & Procurement; and Business Continuity Management/Operational Risk.
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XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
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