Monday, insurance provider XL Capital Ltd. (XL) said that Michael McGavick has been appointed the next Chief Executive Officer, effective May 1. McGavick replaces Brian O'Hara, who has been the Chief Executive Officer, or CEO, since the last 13 years. He had announced in October 2007 that he would retire by mid-2008. To provide continuity during the transition, O'Hara, who is currently serving as acting Chairman of the company's Board of Directors, will serve as Chairman during the final year of his current term on the Board, which expires in April 2009.McGavick, whose appointment is subject to immigration approval from the Government of Bermuda, was President & CEO of Safeco Corp. (SAF) from January 2001 to December 2005. Before joining Safeco, McGavick spent six years with the Chicago- based CNA Financial Corp., where he held various senior executive positions before becoming President and Chief Operating Officer of the company's largest commercial insurance operating unit.XL is currently trading at $30.0, down $1.47 or 4.67%, on a volume of 357,000 shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.