XL extends operational risk coverage to financial institutions

XL Group offers operational risk insurance to its financial institutions clients through its newly created operational risk team.

The team will be led by Angelos Deftereos, senior underwriter, operational risks, international professional.

Commenting on the formation of its operational risk team, Gerard Bloom, chief underwriting officer, financial institutions at XL Group says: “Operational risk has risen to the top of the boardroom agenda. In an increasingly complex and regulated environment, financial institutions need innovative solutions to face these risks and that is why we have set up this new team.

“We are extremely pleased to have hired Angelos; he brings to the role a highly specialized understanding of the financial services sector combined with world class expertise in operational risk. His knowledge of both investment banking and the insurance industry will assist us in meeting the needs of our clients.”

Deftereos joins XL Group from Morgan Stanley Wealth Management where he was an executive director responsible for the implementation of the operational risk programme. His responsibilities included conducting the risk control self assessment (RCSA) process, reengineering the structure and function of the divisional operational risk governance structure, risk profile analysis and management reporting.