NEW YORK (Bloomberg) — Edward “Ned” Kelly, former chairman of Citigroup’s institutional businesses, including the investment bank, was named a director of XL Group Plc, becoming the latest ex-banker to join an insurer’s board.

Mr Kelly, 61, will “bring a unique perspective to the company, particularly in the areas of capital management and strategic execution”, Robert Glauber, chairman of Dublin-based XL, said yesterday in a statement.

Insurers have been turning to Wall Street veterans as the companies seek to expand their relationships and work on more capital-markets deals involving the transfer of risk. Ex- Citigroup CEO Sanford “Sandy” Weill was named chairman of the board at Bermuda-based Hamilton Reinsurance Group Ltd in January.

Kelly had roles at Citigroup including chief financial officer, head of global banking and president and CEO of the alternative-investments unit, before he announced his retirement in June. Kelly has a law degree from the University of Virginia and a bachelor’s degree from Princeton University, according to the statement. He has been on the board of insurers Hartford Financial Services Group and Bermuda-based Axis Capital Holdings Ltd.

XL CEO Mike McGavick in June completed the sale of the company’s life reinsurance business to GreyCastle Holdings Ltd for $570 million as part of his plan to simplify XL and free up capital for share buybacks.