XL Group Ltd CEO Tells Shareholders: ""We now see exactly the company we're trying to build creating the difference that it can in the marketplace.""
Hamilton, Bermuda - April 10, 2017
“We now see exactly the company we’re trying to build creating the difference that it can in the marketplace. We believe we can now drive that result to the bottom line and therefore into rewards for our shareholders,” XL Group Ltd (“XL” or the “Company”) (NYSE: XL) Chief Executive Officer Mike McGavick says in the Company’s 2016 Letter to Shareholders, published today and available here.
The digital document includes videos and written messages from Mr. McGavick, Chairman of the Board Eugene McQuade and President, Property & Casualty Greg Hendrick as well as updates on XL’s innovation, talent, and responsibility achievements from 2016. Titled “Future Focused”, the 2016 Letter also highlights the Company’s new advertising campaign, describing how the Company is tackling some of the newest and emerging client risks.
“Throughout 2016, as pricing headwinds persisted and the number of natural catastrophes climbed, our underwriters produced premium growth while maintaining quality,” says Mr. McGavick. “That outcome benefited from the bigger and more diverse portfolio we created in XL Catlin, giving us a larger base from which to select and fine tune our portfolio, and it required disciplined underwriting. This underlying underwriting power started to shine through in 2016, and we finished the year with some of the best underwriting results, excluding natural catastrophes, we have produced in years.”
“Through the noise of the year, our colleagues’ dedication to client service was unwavering and we ended 2016 with noticeable and market leading recognition,” he adds, noting that even though market challenges and pricing headwinds are expected to continue, “2017 is all about delivering fully on what we have built”.
About XL Group Ltd
XL Group Ltd (NYSE:XL), through its subsidiaries and under the XL Catlin brand, 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. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com.
Carol Parker TrottCommunications & Marketing Director Reinsurance & Bermuda