XL Group has launched its newest comprehensive kidnap, ransom & extortion (KRE) crisis policy in US as part of its strategy to enable individuals and businesses safely operate in a riskier world.
With an agreement with Terra Firma Risk Management, XL’s new KRE coverage is accompanied by response capabilities and crisis management guidance.
The new coverage comprises insurance protection and crisis management assistance to help resolve kidnapping and extortion situations and other threatening circumstances, such as hijacking, wrongful detention, child abduction, hostage crisis, disappearance and assault.
XL US Crisis Management business country manager Denise Balan said, "In many parts of the world, kidnap and extortion are proving to be a lucrative business. Though the tendency is to focus on countries such as Mexico, which experienced a reported 100,000 kidnappings last year, many crisis events occur on a world-wide basis."
"The true value of this coverage is realized long before a ransom payout is necessary. It lies in the precautionary assistance from world-class security advisors and crisis management experts, Terra Firma, that this coverage provides.
"We take our clients’ safety seriously, helping them become as perceptive and knowledgeable as they can be to avoid predicaments that put themselves, their families and businesses at risk," Balan added.
Furthermore, the company has appointed KRE underwriter Todd Cranche to its US Crisis Management team, who has over 20 years of insurance industry expertise.
Prior to joining XL, Cranche was working with AON as the vice president in its business travel and accident unit.