XL Group Launches Crime Insurance Unit; Bangs Named Chief Underwriting Offer

December 12, 2014

To help address businesses’ and financial institutions’ crime concerns, including embezzlement, fraud, and bribery, XL Group is launching a global crime business, under the leadership of Gregory W. Bangs who joins the company as chief underwriting officer of Crime Underwriting.

Based in New York, Bangs reports to Kelly Lyles, chief executive of XL Group’s Global Professional businesses.

Mr. Bangs joins XL Group from Chubb & Son where he most recently served as vice president and worldwide product manager for Crime, Kidnap & Ransom and Workplace Violence Expense Insurance. Prior to joining Chubb, he held various management, underwriting and product development roles, including positions in the US, London, Paris and Hong Kong during a 20-year-tenure with AIG. Mr. Bangs is a graduate of Duke University.

Commenting on Bangs’ appointment, Lyles said: “Under his leadership, we’ll bring together our current crime insurance capabilities in the US, Europe and Asia to form a cohesive underwriting operation. Given Greg’s 30 years of experience, including managing one of the market’s largest crime insurance operations, we look forward to building out our crime insurance business and developing new crime products that will help our clients protect their business assets, wherever they operate.”

“Like most risks, new commercial and financial institution crime risks continue to emerge, such as social engineering fraud, said Bangs. “And, as more entities operate on a global basis, we’ll be ready to supply them with insurance coverage that addresses crime risks from a more global perspective.”

XL Group’s Global Professional businesses include professional liability insurance for directors and officers, financial institutions, architects, engineers and other businesses and service professionals; cyber and technology, commercial crime and fraud, and employment practices liability insurance, among other lines of insurance coverage.

Source: XL Group

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