HAMILTON, Bermuda, Dec. 6, 2012 /PRNewswire/ -- XL Group plc's (NYSE: XL) reinsurance operations ("XL") today announced the appointment of Craig Wenzel as Senior Vice President, Capital Markets. In this newly-created role, Mr. Wenzel will be responsible for managing and developing relationships with third party capital providers in support of XL's global underwriting activities.
XL has been a market leader in the property catastrophe reinsurance market for 20 years. XL was the sponsor for Cyrus Re, one of the first post-Hurricane Katrina sidecars -- an example of early capital markets involvement in the reinsurance industry.
Mr. Wenzel joins from Deutsche Bank Securities Inc., where he was most recently a director in the Capital Markets and Treasury Solutions division in New York. During his tenure there he was responsible for coordinating the catastrophe product origination effort globally and executed numerous catastrophe bonds, sidecars and alternative capital and risk transfer solutions, including the Cyrus Re financings in 2005-2007. Prior to joining Deutsche Bank in 2005, Mr. Wenzel worked in Debt Capital Markets at J.P. Morgan Securities Inc.
At XL, Mr. Wenzel will report to Charles Cooper, President & Chief Underwriting Officer of XL Re Ltd – XL's Bermuda-based reinsurance operations. He will also work closely with XL's Chief Financial Officer Pete Porrino and other executive management.
Commenting on the appointment, Mr. Cooper said: "Capital market investors continue to show interest in the Insurance Linked Securities (ILS) market and are searching for innovative ways to access attractive non-correlated yields. Craig's background in finance and the ILS market makes him the ideal person to lead XL's continued advancement in the reinsurance/capital markets convergence space."
About XL's reinsurance operations
XL Group plc's reinsurance companies are among the world's leading reinsurers. They offer products that include aerospace, property, casualty, marine and specialty. The world's top insurers choose XL to help move their businesses forward. To learn more, visit xlgroup.com/reinsurance.
About XL Group plc
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit www.xlgroup.com
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SOURCE XL Group plc