XL Catlin chief executive Mike McGavick made clear in an internal email that he has no intention of leaving his current position with the Bermuda-based insurer.

Speculation has been rife about who will replace outgoing CEO Peter Hancock, who will shortly leave AIG on the back of the insurance giant suffering losses in four of the six most recent quarters.

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Bermuda.com reported that McGavick circulated an email within the company to clarify the matter by saying: “While such speculation may be viewed as flattering, I thought I would write and make a couple of things clear: first,

I have not been contacted by AIG, and have no knowledge of whether they have an interest in me or not.

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“They will, I am sure, have plenty of excellent candidates to choose from. But I will not be one of them.”

McGavick succeeded Brian O’Hara as XL head honcho in May 2008 and has guided the company through challenging conditions after the global financial crisis.


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