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XL Group launches kidnap and ransom insurance capability

XL Group is offering a new insurance coverage for kidnap and ransom leveraging the capability of its crisis management team.

The company said that the new approach will allow clients to use the services of Terra Firma Risk Management who will offer specialist Kidnap & Ransom response capabilities and crisis management consultancy advice.

In order to provide its new Kidnap & Ransom offering, XL Group has named Charlie Matheson as senior underwriter in London and Jonathan Beck as senior underwriter in Guernsey.

Matheson joins XL Group from JLT Specialty Limited where he worked from 2004, and headed the Kidnap and Ransom team since 2009. At XL Group, he is based in London and reports to Stephen Ashwell.

Furthermore, the company has joined hands with the Salamanca Group to deliver crisis management consultancy advice to its war, terrorism and political violence business that sits alongside the new kidnap and ransom team in the crisis management division.

XL Group crisis management chief underwriting officer Stephen Ashwell said, "As businesses and the global market become increasingly interconnected, companies operating worldwide are looking to insurers to provide a joined-up solution for their people and assets.

"The risks are complex and interwoven and this new insurance approach considers the challenges to people, property and business interruption and underpins this cover with best in class crisis management and response capabilities from Terra Firma Risk Management and Salamanca Group.

"This strategy is central to the Crisis Management team’s business model and our underwriters are building a compelling and holistic insurance solution for our clients across the world."