XL launches global crime business

XL has launched a global crime business to help address businesses’ and financial institutions’ crime concerns, including embezzlement, fraud, and bribery.

Gregory Bangs joins XL as chief underwriting officer of crime underwriting. Based in New York, he will report to Kelly Lyles, chief executive of XL’s global professional businesses.

Bangs joins from Chubb & Son where he most recently served as vice president and worldwide product manager for crime, kidnap & ransom and workplace violence expense insurance.

Lyles said: “We are excited to call Greg a colleague. 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.”

Bangs added: “Like most risks, new commercial and financial institution crime risks continue to emerge, such as social engineering fraud. 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.

“I’m looking forward to tapping into XL’s global network and collaborating with XL’s professional liability and other business line expertise to develop new crime products that our clients will value.”