XL Group plc (NYSE:XL), a global insurance and reinsurance company, created a crisis management team to expand its coverage for corporate clients in the United States. The company will now provide insurance for extortion, kidnapping, product recall, political terrorism, and war.
The crisis management team will be led by Denise Balan: XL Group
According to XL Group plc (NYSE:XL), the crisis management team will be led by Denise Balan, a former executive at American International Group Inc (NYSE:AIG). Balan will oversee underwriters located in New York and Boston. The underwriters will be responsible in coordinating global coverage with teams in London and Singapore.
ValueWalk's Raul Panganiban interviews Kirk Du Plessis, Founder and CEO of Option Alpha, and discuss Option Alpha and his general approach to investing. Q1 2021 hedge fund letters, conferences and more The following is a computer generated transcript and may contain some errors. Interview with Option Alpha's Kirk Du Plessis
Stephen Ashwell, chief underwriting officer of Crisis Management at XL Group plc (NYSE:XL) said, “Every day we are reminded in the news of the challenges our clients face in their day to day operations. We’ve brought together a winning team of underwriters who with decades of experience in Crisis Management will not only help businesses prepare and plan for these events but also manage one effectively when necessary.”
The XL Group expects to expand its portfolio in crisis management
Ashwell said the XL Group plc (NYSE:XL) expects to expand its portfolio in crisis management products and to prepare more companies to operate safely and protect their assets under the leadership of Balan. He added that the company has strong reputation in providing product recall and contamination coverage, and it is currently underwriting war, terrorism, and political violence coverage. He also said that XL Group developing its kidnap and ransom insurance and expects to launch he product in the near future.
Balan joined XL Group plc (NYSE:XL) as country manager of its crisis management book in the United States. He previously worked at American International Group Inc (NYSE:AIG) and held different positions in legal and underwriting management such as head of Non-Profit & Developing Markets for Accident & Health.
Commenting on her role as head of the Crisis Management team, Balan said, “Our team provides single point access to XL’s global capabilities. With more than half a century of collective experience between us, we’re looking forward to applying that experience to help XL’s clients navigate a risk world with effective crisis management products and services.”
Ben Tucker will work with Balan as head of U.S. political violence and terrorism business and Natasha McLean as product recall underwriter in New York office. Clara Chan and John Turner will serve as underwriter for war and terrorism and political violence coverage North American leader for product recall in Boston office, respectively.