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XL Group Builds New Operational Risks Team to Meet the Needs of Financial Institutions

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XL Group has set up an Operational Risks team to provide operational risk insurance solutions to its Financial Institutions clients.

To deliver this new offering the insurer has appointed Angelos Deftereos as Senior Underwriter, Operational Risks, International Professional.  

Gerard Bloom, Chief Underwriting Officer, Financial Institutions, XL Group said: “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.”

Mr. Deftereos joins XL Group from Morgan Stanley Wealth Management where he was an Executive Director responsible for the implementation of the Operational Risk Program. 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.

Prior, Mr. Deftereos was a Senior Vice President – Operational Risk Practice Leader at Marsh USA Inc, based in New York. There he worked with banks to embed insurance into their operational risks management practices and establish effective, Basel II/III and Solvency II compliant, operational risk management frameworks including incident / loss data capture, risk and control self-assessment, scenario analysis, risk mapping, and capital assessment and allocation.

Additionally, he was the Advising Coordinator to the ORIC (Operational Risk Industry Consortium) group of international banks, guiding the group’s interaction with regulators at the national level and with the Standards Implementation Group Operational Risk (SIGOR) subcommittee of the Basel Committee on Banking Supervision.

Between 2002 and 2006 Mr. Deftereos spent four years at Aon Limited as Director, Operational Risk – Aon Professional Risks based in London. Mr. Deftereos started his career at Goldman Sachs International as an analyst on the Investment Banking Division after attaining a Bachelor of Economics Degree, a Post-Graduate Diploma in Banking and Finance and a Graduate Diploma in Applied Finance and Investment.    

About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance.

About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com

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