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XL Group Announces Kidnap, Ransom & Extortion Insurance in US and New Crisis Management Advisory Services
|By PR Newswire
|April 7, 2014 01:00 PM EDT
NEW YORK, April 7, 2014 /PRNewswire/ -- With its new Comprehensive Kidnap, Ransom & Extortion (KRE) Crisis Policy and an agreement with one of world's top risk consultancies, XL Group's US Crisis Management team is helping individuals and businesses safely navigate a riskier world. Through an agreement with Terra Firma Risk Management LLP, XL Group's new KRE coverage is accompanied by response capabilities and crisis management guidance.
According to Denise Balan, Country Manager of XL's US Crisis Management business, "In many parts of the world, kidnap and extortion are proving to be a lucrative business. Whether prompted by profit or politics, crisis events like kidnapping, disappearance and hijack are increasingly real threats. 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," explained Ms. Balan. "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."
XL Group also added KRE underwriter Todd Cranche to its US Crisis Management team. With more than 20 years of insurance industry experience, Mr. Cranche joins XL Group from AON where he served as Vice President in its Business Travel and Accident unit. Prior to his tenure at AON, he worked at Willis as Senior Vice President, Kidnap & Ransom. He earned his Bachelor of Arts in Political Science from the University of Louisiana and a Master of Arts in Political Science from Louisiana State University.
XL Group's new coverage includes insurance protection and crisis management assistance to help resolve kidnapping and extortion situations and other threatening circumstances, including:
- Wrongful Detention
- Child Abduction
- Hostage Crisis
With limits of liability up to $50 million, XL Group's coverage gives clients 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. Coverage is available with one-three year policy terms and no deductibles.
XL Group's Comprehensive KRE Crisis Policy is provided by XL Group plc's insurance subsidiaries which include XL Specialty Insurance Company, Greenwich Insurance Company, Indian Harbor Insurance Company and XL Insurance America, Inc.
About Terra Firma Risk Management LLP
Terra Firm Risk Management is one of the most experienced and stable response companies working in today's special risks market. Its advisors have handled over 600 cases of kidnap, extortion, wrongful detention, contamination and piracy, have over 200 combined years of experience and have a presence on 5 continents around the world. To learn more, visit www.terrafirma-rm.com.
About XL Group plc's Insurance Operations
XL Group plc's insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc's insurance and reinsurance subsidiaries.
Video - http://www.youtube.com/watch?v=5hygsrhhamo
SOURCE XL Group
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