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XL Catlin to phase out 50 jobs

Company reorganising: about 50 jobs are to go at XL Catlin during the next six months

Around 50 jobs — including some leadership roles — will be phased out at XL Catlin over the next six months as part of the global insurer’s reorganisation of its property and casualty operations.

Elliott Bundy, the company’s chief communications and marketing officer, last night told The Royal Gazette that the roles would go across the company’s operations worldwide — from the global XL workforce of more than 7,000 ­— and it was too early to say how many posts would go in Bermuda.

“As a result of the realignment, approximately 50 roles will go over the next six months through a mixture of natural attrition and some redundancies,” Mr Bundy said, adding that this was “in line with our normal attrition rate”.

Mr Bundy added that these would be “leadership as well as supporting roles”.

XL Group merged with Catlin last year in a deal worth more than $4 billion.

Last week the company announced the realignment, which included the creation of a new internal innovation team, Accelerate, to be led by Paul Brand, and the promotions of Greg Hendrick to president, property and casualty, and Charles Cooper to chief executive of reinsurance.