Global insurance and reinsurance company XL Group has announced its appointment of Lloyd’s of London’s chief risk officer and general counsel, Sean McGovern, as its chief compliance officer, head of regulatory and government affairs.
In a newly created role, McGovern will hold overall responsibility for corporate and regulatory compliance, reporting to XL Group’s CEO and audit committee of the board. McGovern will also lead the company’s global regulatory and government affairs.
After joining Lloyd’s of London in 1996, McGovern was appointed director and general counsel in 2002. He won the role of chief risk officer in 2014 and joined the insurance marketplace’s franchise board. In his role, McGovern was responsible for advising a City institution that operates as a marketplace, rather than acting as company within the market. His role was further complicated by the fact he was responsible for covering regulatory affairs along with legal risk governance – Lloyd’s is also dual regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
XL Group CEO Mike McGavick said there was ‘no greater endorsement’ of the company’s strategy than its ability to attract McGovern. ‘For some time, we have been considering, in light of the continuing evolution of global (re)insurance regulatory standards and expectations, how to best arrange our compliance and regulatory areas. The addition of Sean allows us to accelerate our plans to more closely align and increase the profile of these critical functions.’
In other recent in-house appointments, the world’s biggest oil company, Saudi Aramco, appointed Nabeel Al Mansour as its new general counsel ahead of a potential IPO set to make it the world’s first trillion-dollar business. London-listed engineering business Weir Group has also named its deputy general counsel, Christopher Morgan, its new general counsel and company secretary following the retirement of Keith Ruddock.