There’s a big executive change coming at XL Group plc: the head of its Reinsurance division will retire at the end of 2014.

XL Group, a global insurance and reinsurance company, said it has already begun a search to replace Jamie Veghte, who became XL’s Reinsurance CEO in 2006. He’s a long-time XL Group veteran, with 20 years under his belt. Prior to his current position, he previously served as president of XL Re America, CEO of XL Re Europe and president of XL Re Latin America. He’s also a veteran of companies including Winterthur Reinsurance Company of America and Mid Ocean Re.

XL CEO Mike McGavick, in a statement, gave Veghte credit for “building our Reinsurance segment into the strong operating it is today – built on intelligent underwriting, solid judgment, and superior client and broker relationships.” He added that he expects the team that Veghte built to continue to propel the division’s success.

XL Group plans to release its 2014 third-quarter earnings results on Oct. 27, 2014.

Source: XL Group