Insurer XL Group has begun its search for a new chief financial officer after Irene Esteves resigned reportedly to become CFO of Time Warner Inc.XL said yesterday that Ms Esteves “will be leaving the company following a transition period to pursue an opportunity with a Fortune 150 company outside the insurance industry”.Reports by the Wall Street Journal and Reuters late on Monday indicated that Time Warner was close to naming Ms Esteves as its new CFO after a five-month search for a replacement for Rob Marcus, who was promoted to chief operating officer of the second-largest US cable provider in December.“I am honoured to have served as XL’s CFO, have great respect for the team, and am confident in the company’s bright future,” Ms Esteves said in XL’s statement.“Simply put, this was an offer I couldn’t pass up. XL has a deep finance team and I am committed to ensuring a seamless transition over the coming months.”Ms Esteves joined XL from US bank Regions Financial Corporation a year ago.XL chief executive officer Mike McGavick said Ms Esteves has made many contributions to the Dublin-based insurer, which has substantial operations in Bermuda.“Irene has been presented with an extraordinary opportunity,” Mr McGavick said. “We’ve always recognised that hiring the highest calibre executives comes with some risk, and to us this simply illustrates just how talented our team is.”