Lloyd’s chief risk officer and general counsel Sean McGovern will be leaving the corporation to join major global insurer XL Catlin later this year.
McGovern will no longer be involved in syndicate-specific activity and will go on garden leave in July. He will take up his new role as chief compliance officer and head of regulatory and government affairs at XL Catlin in November.
“Lloyd’s has played a tremendously important role in my professional life to date. While I am excited to be taking on a role of this significance at XL Catlin, leaving Lloyd’s was not an easy decision to make,” McGovern said.
“I am extremely proud of what we have achieved in the time that I have been here and I would like to thank everyone in the Corporation and the Market for their support,” he added.
After joining Lloyd’s in 1996, McGovern became a member of the Executive Team in 2002 and the Franchise Board in 2014. He was responsible for risk governance at Lloyd’s and for legal, regulatory and government affairs globally.
McGovern has played a key role in the development of the Lloyd’s market, maintaining and expanding the corporation’s licence network globally and developing strong and transparent relationships with regulators.
As the North America director, McGovern deepened trading links in the US market. He was also involved in ensuring Lloyd’s readiness for Solvency II.
“Sean’s contribution to Lloyd’s over the last 20 years has been immeasurable,” said Lloyd’s CEO Inga Beale.
“Well respected across the Corporation and market, Sean has worked closely with regulators, both in the United Kingdom and beyond to ensure that Lloyd’s thrives in the new global regulatory environment. As a member of the leadership team Sean has also provided sound counsel and loyal service,” Beale added.
Peter Spires will replace McGovern as general counsel while internal audit head Hilary Weaver will take on the role of chief risk officer on an interim basis.
Olly Reeves will remain as the primary market contact for all matters relating to risk, while Rosemary Beaver will stay as head of international regulatory affairs, liaising with regulators across the globe.