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McGavick has no plans to run for Senate

XL CEO Mike McGavick

MONACO (Reuters) - Mike McGavick, chief executive of Bermuda-based insurer and reinsurer XL Group, has no plans to stand for election to the US Senate next year, he said yesterday.“I have no political ambitions whatsoever, my ambitions are all about what XL can become,” he told Reuters.“We’re having a lot of fun, it’s a great time in the market.”McGavick ran unsuccessfully for Senate in 2006, and analysts have said speculation he might quit his position as XL boss to stand again next year was negative for the group’s shares.McGavick, speaking at the reinsurance industry’s biggest annual conference in Monte Carlo, said there were signs of an upturn in insurance prices after a three-year decline driven by intense competition between well-capitalised insurers.“I think there already is some change in the market, and it’s broader than just the places affected (by catastrophes),” he said. “The question is will that continue to broaden?”