Aug. 4 (Bloomberg) -- Edward “Ned” Kelly, former chairman of Citigroup Inc.’s institutional businesses, including the investment bank, was named a director of XL Group Plc, becoming the latest ex-banker to join an insurer’s board.
Kelly, 61, will “bring a unique perspective to the company, particularly in the areas of capital management and strategic execution,” Robert Glauber, chairman of Dublin-based XL, said today in a statement.
Insurers have been turning to Wall Street veterans as the companies seek to expand their relationships and work on more capital-markets deals involving the transfer of risk. Ex-Citigroup Chief Executive Officer Sanford “Sandy” Weill was named chairman of the board at Hamilton Reinsurance Group Ltd. in January.
Kelly had roles at Citigroup including chief financial officer, head of global banking and president and CEO of the alternative-investments unit, before he announced his retirement in June. Kelly has a law degree from the University of Virginia and a bachelor’s degree from Princeton University, according to the statement. He has been on the board of insurers Hartford Financial Services Group Inc. and Axis Capital Holdings Ltd.
XL CEO Mike McGavick in June completed the sale of the reinsurance business to GreyCastle Holdings Ltd. for $570 million as part of his plan to simplify XL and free up capital for share buybacks. The insurer slipped 0.6 percent to $32.32 at 9:55 a.m. in New York, narrowing its gain for the year to about 1.5 percent.
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