XL Group says it has started a new Crisis Management team led by a former AIG executive.
The team will provide U.S. corporate clients with product recall, war, terrorism and political violence and kidnap, ransom and extortion insurance.
"Every day we are reminded in the news of the challenges our clients face in their day to day operations,” says Stephen Ashwell, XL chief underwriting officer, in a statement. “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 team will be led by Denise Balan, who was most recently head of AIG’s accident and health products in the nonprofit and developing markets. Before that, Balan was division president for AIG’s WorldSource Crisis Management—writing K&R, extortion, product recall and contaminated product insurance. She has held several roles at AIG since 1996.
Ashwell says the team will guide XL toward more crisis management products. He says XL is currently working on a new K&R product.
Ben Tucker will join Balan in XL's New York office as head of U.S. political violence and terrorism business. Tucker was senior vice president of Marsh's Property Specialized Risk Group.
Product recall underwriter Natasha McLean will also be in New York. McLean has spent the last decade underwriting product recall and contaminated products, as well as K&R at AIG.
The Crisis Management team will also include Clara Chan and John Turner in Boston. Turner join XL in 2011 to develop XL's product recall and product contamination operation in North America. Chan has underwriting experience in war terrorism and political violence for AIG's Lexington Insurance Co. as well as Hiscox.
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