Plans to expand business portfolio for financial institutions

XL Insurance, the global insurance operations of XL Capital, has appointed two financial institutions underwriters to its London-based professional lines team.

The senior underwriters Gerard Bloom and Neale Stevenson will offer professional liability coverage for financial institutions such as hedge funds, asset managers and banks.

Mr Bloom will head the new financial institutions underwriting team. He has more than 15 years of experience in European professional lines insurance and joins from Zurich Financial Services, where he was senior vice president for mergers and acquisitions. Prior to his role at Zurich, he was UK and Ireland chief underwriting officer for financial institutions at AIG.

Mr Stevenson has worked in the insurance industry for more than 20 years, most recently heading the financial institutions team at Liberty International Underwriters in London.

William Wharton, chief underwriting officer of professional lines UK at XL Insurance, said: Many financial institutions, including some that are well managed, were impacted by the recent financial crisis, demonstrating the importance of professional liability coverage for even very experienced managers.

“We are looking to expand our business portfolio for financial institutions and believe that our clients are best served by a dedicated team of underwriters focusing purely on these specialist risks.