XL Group’s chief financial officer, Peter Porrino, is to retire at the end of April, although he will continue to work part-time as an adviser to group CEO Mike McGavick.

He will be succeeded by Stephen Robb, group controller.

Mr McGavick said: “Personally, and on behalf of the leadership team, and our board of directors, I’d like to thank Pete for his valuable contributions to XL as an adviser prior to joining in 2011 and subsequently as a strategic steward of the company’s finances and an insightful business partner.

“During Pete’s tenure as CFO he has been instrumental in our most significant achievements, including our 2014 life retrocession transaction, the successful Catlin acquisition, the implementation of our Enterprise Enablement management information project and XL’s redomestication to Bermuda.

“Most importantly, he has been my partner and a valued friend. I look forward to continuing to work with Pete in his new capacity as an adviser to me and the company.”

Mr Robb will assume the role of CFO on May 1. He joined the company in 2004 and has progressed through senior leadership positions, including responsibility for accounting policy, budgeting and planning, treasury functions, rating agency relationships, corporate financial close, financial regulatory reporting and finance risk and controls matters.

Prior to joining XL, he worked in the insurance practice of PwC, as senior manager, insurance industry group leader.

Mr McGavick said: “It is a real testament to the strength of our bench and Steve’s deep abilities that we are able to fill Pete’s role from inside the company.

“Steve has worked closely with the board and with our leadership team for many years on major corporate initiatives and with Pete in particular in the management of our finance function.

“He is highly respected for his considerable intellect, astute judgment, wealth of knowledge and experience. There are few that understand the way XL is built as deeply as Steve, and we’re confident that he will only continue the transformation of the CFO role that Pete has led.”