XL group Launches Crime coverage Unit; Bangs Named leader Underwriting offer

To help address businesses’ and financial establishments’ crime concerns, together with embezzlement, fraud, and bribery, XL institution is launching a global crime commercial enterprise, underneath the management of Gregory W. Bangs who joins the employer as chief underwriting officer of Crime Underwriting.

primarily based in ny, Bangs reports to Kelly Lyles, leader government of XL institution’s international expert agencies.

Mr. Bangs joins XL organization from Chubb & Son wherein he most recently served as vice chairman and worldwide product supervisor for Crime, Kidnap & Ransom and workplace Violence rate insurance. prior to becoming a member of Chubb, he held diverse management, underwriting and product development roles, consisting of positions in the US, London, Paris and Hong Kong at some stage in a 20-yr-tenure with AIG. Mr. Bangs is a graduate of Duke college.

Commenting on Bangs’ appointment, Lyles said: “beneath his leadership, we’ll carry collectively our present day crime insurance skills inside the US, Europe and Asia to shape a cohesive underwriting operation. Given Greg’s 30 years of revel in, including coping with one of the market’s biggest crime coverage operations, we look forward to building out our crime coverage commercial enterprise and developing new crime merchandise with a purpose to assist our customers defend their business belongings, wherever they operate.”

“Like most dangers, new industrial and economic organization crime risks retain to emerge, along with social engineering fraud, stated Bangs. “And, as extra entities function on a global basis, we’ll be geared up to supply them with coverage insurance that addresses crime dangers from a more international attitude.”

XL institution’s global expert companies consist of expert legal responsibility insurance for administrators and officials, monetary establishments, architects, engineers and other companies and carrier professionals; cyber and generation, industrial crime and fraud, and employment practices legal responsibility insurance, among other lines of insurance insurance.