Clemmons quits XL Weather; resigns WRMA presidency

Lynda Clemmons Photo: Stephen Sullivan

The Washington DC-based Weather Risk Management Association (WRMA) said Clemmons has also resigned as president of the trade body.

Jeff Bortniker, chief executive of XL Weather & Energy, has also left the company, officials confirmed. Again, XL is unaware of Bortniker's plans.

Robert Lusardi, chief executive of XL Financial Products and Services, has stepped in to replace Bortniker on an interim basis. David Shea, chief financial officer of XL Financial Products and Services, becomes acting XL Weather & Energy chief operating officer.

Clemmons was a co-founder of XL Weather & Energy – previously known as Element Re – and executed the world's first weather derivative transaction in 1997 when she worked at Enron, where she headed the global weather risk management trading business. It is unclear if Clemmons has moved to a rival weather risk company, or whether she has left the market all together. Clemmons could not immediately be reached for comment.

WRMA director Valerie Cooper told RiskNews' sister publication Energy Risk that XL Weather & Energy would continue its membership of the association.

John Polasek, vice-president of origination and structured products at Houston-based Entergy Koch Trading, was named as WRMA’s president. He was previously WRMA vice-president and has also served as the association’s treasurer.

As a result of Polasek’s appointment, Brian O’Hearne, chief executive of Kansas-based GuaranteedWeather will serve as WRMA’s vice-president.