(Bloomberg) -- XL Group Plc Chief Executive Officer Mike McGavick said that while he shuns casinos unless he’s with his mother-in-law, he’s felt lately like he was sitting at a “high stakes table” as he made insurance deals.
McGavick announced a plan in December to sell a stake in a home insurer to Progressive Corp. then reached an agreement the next month to buy Catlin Group Ltd. for about $4 billion. Transactions in the reinsurance and specialty-coverage industries are accelerating to create companies that can withstand pressure from new rivals.
The reinsurance “sector is littered with roadkill, and yet it seems new entrants are getting on the road every day,” McGavick said in an annual letter to shareholders, posted on the Dublin-based company’s website. “We are delighted to have been among those who led the way and took the patient time to identify a winning combination before the rush.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
