XL Capital Ltd. yesterday announced that chief financial officer Brian Nocco will leave the company at the end of the year.

Mr. Nocco took over the post in July 2007 and oversaw the Bermuda-based business insurer's finances during the most tumultuous period in the company's history.

Last year XL lost more than $2.5 billion, as investment losses added to the cost of eliminating the company's exposure to reinsurance agreements with bond insurer Syncora Holdings.

Over the past year, XL has carried out a de-risking of its investment portfolio and its stock price and book value have recovered strongly this year.

In a statement released after the markets closed yesterday, XL said that the company and Mr. Nocco had agreed that the CFO would leave, effective after year end.

Mr. Nocco had agreed to stay until the end of the year "to ensure a smooth transition", the statement added. The company has initiated a search for a successor to Mr. Nocco.

"We thank Brian for his many contributions at XL during the last two years," XL chief executive officer Mike McGavick said.

"In particular, Brian helped XL navigate through the extraordinary challenges that XL has faced over the past year. We wish Brian well in his new endeavours."

Before joining XL, Mr. Nocco was chief risk officer of Nationwide Insurance Group. From 2001 to 2005 he was senior vice-president and treasurer at Nationwide.

Prior to working for Nationwide, he was executive vice-president, corporate development of Imperial Bank and chief financial officer of two of its subsidiaries.

Mr. Nocco also served as senior vice-president and chief compliance officer with The Chubb Corporation from 1994 to 1998, and treasurer and vice-president, finance of Continental Bank Corporation from 1986 to 1994.