XL Group expands its financial lines business with four new members  

XL Group has confirmed that it is “very likely” to make further appointments to its international financial lines business following a series of new hires this year.

In January, the insurer made four key appointments in a bid to develop its international services for multinational organisations.

Simona Fungalli was hired to lead the insurer’s professional indemnity business in Europe, Asia-Pacific and Latin America. She joined from Zurich, where she was chief underwriting officer, professional indemnity.

Ramesh Singh has joined to head up financial lines for the Australian market. Singh was previously regional manager at AIG.

Cynthia Huang and Nicholas Tey have been appointed to underwrite professional indemnity insurance for companies in Asia. Huang is based in Hong Kong and joined XL from Munich Reinsurance Company, Hong Kong, where she was the head of casualty product development liability.

Tey joined XL from AXA Singapore, where he was casualty and financial lines practice leader.

Speaking exclusively to StrategicRISK, XL head of financial lines Louise Dennerstahl (pictured) said: “We wanted to develop our professional indemnity lines as we were significantly underweight in that area.

“We have tough competition, but we saw it as a definite opportunity for us to grow and differentiate our offering as an international insurance provider.”

She added: “I can’t say who, but I can say that we are very likely to make further appointments.”