Hutton to leave XL board of directors

FURTHER evidence that the renewable energy sector will become a central battleground for the insurance industry emerged today as XL Group revealed the departure of one of its directors.

Thompson Hutton is looking to build a new business focusing on the renewable energy insurance sector and so confirmed his intention to stand down from the XL Group board after less than two years.

Hutton’s own firm, Thompson Hutton LLC, has a track record in the “green” field with investments in electric vehicles, recycling and renewable power generation projects.

Now Hutton looks set to combine those interests with his extensive background in insurance.

Hutton first joined XL’s board in January last year, and in the past he has held seats on the boards of Safeco and Montpelier Re. In addition, he was chief executive White Mountains Re from 2006 to 2007. He was also the chief executive and president of catastrophe risk analysts Risk Management Solutions from 1990 to 2000.

Hutton’s decision to concentrate on the renewable energy market follows an ever increasing trend in the insurance industry. Ace USA, Starr Tech, Parhelion Underwriting and Torus have all recently set up dedicated teams designed to operate in the market, while others, such as GCube, RSA and Chartis have bolstered their existing renewable energy insurance activities by bringing in new faces.

The chairman of XL’s board of directors, Robert Glauber, said Hutton’s decision to leave would be “a great loss”, adding: “As chair of the special committee on enterprise risk management [ERM], he has led the board’s successful effort to create a more robust ERM framework for XL.”

Glauber added: “We thank Tom for helping to enhance the risk management framework of XL, which has received public praise, and for his many other contributions.”