XL London Market appoints risk director

XL London Market, an insurance syndicate at Lloyd’s of London, has appointed Paul Drake as director of risk management, a newly created position.

XL London Market, a subsidiary of Bermuda-based insurance giant XL Capital, created the board-level position as part of an increasing focus industry-wide on risk management in the wake of the September 11 attacks. “Clearly there is a need for an increased and improved insurance environment to ensure that risk management gets due resources,” Drake says.

Drake was previously underwriting development manager overseeing reinsurance, insurance and underwriting at XL London Market. He joined the company in 2001 after working as a director at both Cottrell Maguire and R.J. Kiln.

It is one of the first management changes XL plans to make as part of a restructuring and rebranding effort. “The timing of the new position is in line with the realignment and pushing forward of XL London market and the reinventing of the XL brand name,” a spokesman said.