XL promotes two senior executives

Bermuda insurance group XL Capital Ltd. said late on Wednesday it was promoting two senior executives as part of an ongoing succession plan.

Sarah Street was named chief investment officer designate, taking up the reins from Christopher Greetham when he retires in September. And James Veghte is to become chief executive of XL's general reinsurance operations. He assumes the post from well-known XL executive Henry Keeling.

Mr. Keeling will have continued responsibility for XL's life reinsurance business, and step up his focus on global business services, an area XL said was "increasingly important".

Both Ms Street and Mr. Veghte are also joining the company's executive management board.

Each is to retain their current responsibilities as chief executive officer of XL Capital Investment Partners Inc. and chief executive officer of XL Reinsurance America Inc., respectively.

Brian O'Hara, president and CEO, said:"I am greatly appreciative of the contributions that Chris and Henry have made in their current roles."

Under Mr. Greetham's leadership, XL saw a tenfold growth in invested assets to more than $40 billion, the company said.

Mr. Greetham is to retain a link to the company by becoming non-executive chairman of XL Capital Investment Partners where he will continue to play a key role in the group's investment affiliate activities.

XL has made several large investments in alternative asset management companies in recent years.

Under Mr. Keeling's watch XL's reinsurance business grew from a short-tail, catastrophe-focused, Bermuda business to one selling multiple types of life, property and casualty reinsurance from 13 countries around the world.

Couple seconded to HSBC offices in New York

A couple employed by the Bank of Bermuda are being seconded to HSBC offices in New York to gain broader work experience that will put them in line for management positions on their return, the bank said in a statement yesterday.

The couple, Renee Bullock-Cann and husband Paul Cann, are the third and fourth staff members to be able to take advantage of secondment opportunities with HSBC.

The Bank of Bermuda was bought out by the multinational banking giant in February 2004.

Mrs. Bullock-Cann most recently served as manager for the bank's personal loan department while Mr. Cann is a senior analyst programmer for systems. The couple depart for New York this week, where they are due to do an 18-month secondment.

During the first three months, Mrs. Bullock-Cann will be working with the HSBC marketing team in New York and will then be given the responsibility of opening a new retail branch, which she will manage for a year.

For the remaining three months, she will be focusing on the credit card business.

The experience Mrs. Bullock-Cann gains in New York will put her in line to, on her return to Bermuda, to be the leading candidate to succeed Richard Brown, the HSBC appointed head of personal financial services.

In New York, Mr. Cann will work as a systems technician supporting over 5,000 HSBC users throughout the New York area.

After the secondment, he will return to a management position within the Bank of Bermuda's IT department.

Steede joins telephony division off CCS

Bermudian Anthony Steede has joined the Telephony Division of CCS Group Limited.

CEO of CCS Group Rob Loxton said: "We have recognised the diligence and hard work Anthony has given CCS thus far. We have supported Anthony's career development in the IT field and are pleased with this transfer. He will be joining our telephony group and will become an important part of our ability to support our client base in Bermuda."

Mr. Loxton said CCS was committed to furthering the skills of its employees and continued to provide their staff with opportunities for career growth.

Mr. Steede has recently completed the Partner ACS Implementation and Maintenance course.

CCS congratulates Anthony on passing the course and looks forward to even greater things in the future.