The US Crisis Managament team at re/insurer XL Group has launched a Kidnap, Ransom & Extortion (KRE) service in association with Terra Firma Risk Management.
The cover is being offered by XL Group's insurance subsidiaries, which include XL Specialty Insurance Co, Greenwich Insurance Co, Indian Harbor Insurance Co and XL Insurance America Inc.
As exclusively revealed by Reactions on March 31 (http://bit.ly/1g0CI5T) the new cover includes insurance protection and crisis management assistance in cases of hijcaking, wrongful detention, child abduction, hostage crises, disappearance and assault. Liability limits rise as high as $50m, giving what XL Group described as "single-point access to specialized experts for crisis management pre-event, response and post-event services, such as consultation services to advise clients on precautions and safe travel".
Cover is offered with one- to three-year policy terms and no deductibles.
Terra Firma Risk Management is providing specialist K&R response capabilities and crisis management consultancy advice. This skill set has enabled XL to move into what is often perceived as a difficult area of the industry.
Charlie Matheson, previously working at JLT Specialty, will head up the line of cover as senior underwriter.
XL Group has also established an exclusive arrangement with the Salamanca Group to provide crisis management consultancy advice to its war, terrorism and political violence.
The addition of K&R permits XL to offer a wider range of specialist offerings via its crisis management team. These include product recall; war, terrorism and political violence; personal accident and now kidnap & ransom covers.
All these products are available worldwide and are written out of three underwriting hubs based in London, Singapore and New York.
The specialist crisis management team is headed up by Stephen Ashwell, chief underwriting officer, who joined XL Group in 2013 to spearhead the launch and establishing of the insurer and reinsurer's specialist unit.