XL Group plc (NYSE: XL), a global insurance and reinsurance company, has launched the creation of a new venture capital initiative.
Led by Tom Hutton and a focused team, XL Innovate will invest in companies that have a strategic focus on developing new capabilities in the insurance sector.
The fund will take equity positions in companies that provide new market opportunities for XL throughout the world.
XL Innovate will be also overseen by a board of directors including Sarah Street, currently XL’s Chief Investment Officer.
Tom Hutton a past Director of XL, brings insurance specific knowledge, both as an executive with experience in risk analytics, as CEO of Risk Management Solutions, Inc., White Mountains Re, and as a Director of private and public insurance and reinsurance companies including Montpelier Re and Safeco. Most recently, he served as the CEO and founder of New Energy Risk, a provider of innovative data analytics, strategic consulting and financial risk transfer solutions to the renewable energy industry worldwide.