XL Group’s chief executive for reinsurance is to step down at the end of the year.

The firm announced yesterday US-based Jamie Veghte — who has been with the company for more than 20 years — is to retire.

XL chief executive Mike McGavick paid tribute to Veghte.

“On behalf of my colleagues, I want to thank Jamie for his two decades of service to and stewardship of XL,” he said.

“In a tumultuous industry, Jamie has been steadfast, building our reinsurance segment into the strong operation it is today — built on intelligent underwriting, solid judgement and superior client and broker relationships, all of which are traits that come personally from Jamie’s leadership.”

Mr McGavick added: “Jamie has also built one of the finest teams in the industry.

“Their tenure and particular market knowledge has served us very well and we are extremely confident in the continued success of the franchise.”

Mr Veghte was appointed head of reinsurance in 2008 after working at various roles in the XL empire in the US, Europe and Latin America.

Before joining the firm, he worked for Winterthur Reinsurance and Mid Ocean Re.