Stephen Catlin, one of the Bermuda insurance industry’s best known leaders, is to retire at the end of this year from XL Catlin, the company announced today.

Mr Catlin, who is the Bermudian-based insurer’s executive deputy chairman, has notified XL that he will not stand for re-election to the company’s board of directors at the upcoming annual meeting, scheduled for May 19, 2017.

Mike McGavick, the chief executive officer of XL, paid tribute to the celebrated entrepreneur.

“Stephen is an original and a true statesman of our industry,” Mr McGavick said. “From a teaboy at Lloyd’s to the chief executive of its largest syndicate, in Catlin Group he created a rare global success and a hive for talent that is now helping drive XL Catlin forward.

“We are eternally grateful for his selfless leadership which was essential to the success of the XL and Catlin combination.”

XL said Mr Catlin will remain the company’s executive deputy chairman until May 15, 2017, and following that date until the end of the year, he will act as a special adviser to Mr McGavick.

During this time Mr Catlin will continue to serve as chairman of the Insurance Development Forum (IDF), a public-private forum launched in 2016 by leaders of the insurance industry, the UN and the World Bank, and will work on other related projects.

“To ensure continuity on these matters, Mr Catlin has agreed to act as a consultant to XL from January 1, 2018 to September 30, 2018,” XL added in a statement.

Mr Catlin founded Catlin Group in 1984 and the company began underwriting with premium capacity of £6 million from a group of Lloyd’s Names in the following year.

After years of strong growth, the company redomesticated from the UK to Bermuda in 1999.

Catlin owned the largest syndicate at Lloyd’s and had six underwriting hubs around the world by the time it was acquired by XL in May 2015 in a deal worth more than $4 billion.

Mr Catlin said: “When Mike and I first discussed combining XL and Catlin, we knew we could create a truly special company.

“Now, nearly two years after the business combination, with the integration largely completed and XL Catlin running at full steam, it is an appropriate time for me to take the opportunity to step back from an active leadership role within the company.

“I’m enormously proud of what we have achieved, and I wish Mike and the XL Catlin team every success with their future endeavours.”

Mr McGavick said: “I look forward to continuing to work with Stephen in his new capacity, first as special adviser to me and then as a consultant to the company in relation to the very important work of the IDF.”

Eugene McQuade, XL’s chairman, added: “On behalf of the board, I would like to thank Stephen for his astute vision and voice during the last two years.

“From the acquisition of Catlin to today, he’s been instrumental to the success of our integration and to the creation of many of the opportunities that have come XL Catlin’s way.”