Bermuda-based New Ocean Capital Management Ltd, the investment management company recently formed by XL, has appointed industry veteran Chris McKeown as its new chief executive officer.

The funds of the insurance linked securities-focused company are managed by Connecticut-based private-equity firm Stone Point Capital.

A press release announcing the appointment said: “The Bermuda-based company will focus on providing third-party investors access to insurance-linked securities (ILS) and other insurance and reinsurance capital markets products. New Ocean Capital Management Limited is expected to be operational for the upcoming renewal season.” XL said that Mr McKeown’s reinsurance career spans three decades and he has held senior executive positions with Guy Carpenter & Company, Ace Tempest Reinsurance Company, CIG Reinsurance (owned by funds managed by Citadel Investment Group) and most recently Pillar Capital.

Chief executive of XL’s reinsurance operations James Veghte said: “XL and Stone Point Capital are pleased to announce this appointment. Chris brings outstanding experience in managing reinsurance capital markets risk portfolios and building convergence asset management businesses.”

Charles A Davis, CEO of Stone Point Capital, said: “Chris brings extensive insurance industry experience as an underwriter, broker and investor, and we believe he is an excellent choice to lead New Ocean. We welcome Chris to New Ocean and look forward to building a leading ILS and insurance and reinsurance capital markets investment manager.”