Mike McGavick has been named “2014 Insurance Leader of the Year” by St John’s University’s School of Risk Management (SRM).

The XL Group plc chief executive officer will be honoured at an awards dinner at Marriott Marquis in New York City on January 21 next year.

Brian Duperreault, CEO of Hamilton Insurance Group and Michael O’Halleran, executive chairman of Aon Benfield, will serve as honorary co-chairmen of the dinner.

Proceeds from the dinner will support the University’s SRM students and programmes.

“The Insurance Leader of the Year accolade is traditionally awarded to an industry leader for distinguished achievement over a long career, or for special achievement in the year of recognition,” said Mr Duperreault, who serves as chairman of the SRM Board of Overseers.

“Mike has had an extraordinary career worthy of recognition in its own right. He is a leader of immense competence, and he has most ably guided XL Group during his tenure there.

“Mike also has a passion for public and philanthropic service that is well known and esteemed — both within our industry and by larger segments of our society.”

The Award Selection Committee is chaired by Ellen Thrower, Professor Emerita and retired executive director of St John’s University’s SRM, and includes George Bernstein of The Bernstein Law Firm, (Washington, DC); Robert Hartwig, president of the Insurance Information Institute; Joseph Mauriello, retired deputy chairman and COO of KPMG; Michael Morrissey, CEO of the International Insurance Society; Patrick Shouvlin, retired partner of PricewaterhouseCoopers LLP; and Peter Walker, director of McKinsey & Company (New York).

The “Insurance Leader of the Year Award”, presented annually since 1995, recognises the contributions of outstanding individuals whose leadership in the worldwide insurance and financial services industry sets them apart from their peers. Last year’s recipient was former AIG CEO Robert Benmosche

The School of Risk Management was founded in 1901 as the Insurance Society of New York and over the years evolved into The College of Insurance (TCI). In June 2001, TCI merged with St. John’s University, becoming a school of The Peter J Tobin College of Business.