Allied World Joins with Security Firm for K&R Coverage

May 12, 2010

Bermuda-based Allied World Assurance Company Holdings announced today that it has joined forces with red24™, an independent, global security consultancy firm. The tie up will enhance Allied World’s new ForceField(SM) Kidnap & Ransom/Extortion coverage.

The bulletin, explained that “red24 will offer policyholders a broad range of proactive intelligence and security services, including web-based travel security information with daily news briefs sent each business day. The red24 service model includes its state-of-the-art crisis management center, offering critical emergency assistance and immediate 24/7 access to its security response team. red24’s security response team is equipped to respond on both an advisory and a physical basis to a wide range of security-related issues such as kidnapping, extortion and other crisis incidents.”

Gordon Knight, President, Allied World U.S., commented: “Kidnap for ransom and extortion is one of the fastest growing areas of criminal activity throughout the world. For our policyholders, the most essential element of insurance coverage for these kinds of risks is prompt access to highly competent, experienced security professionals. Understanding this vital need in our global economy, we look forward to a long and productive relationship with red24.”

Jack Cloonan, Head of Special Risks for red24, added: “The red24 approach includes a 24/7 Crisis Response Center as well as a response consultant team comprised of highly trained security professionals with the skill set to respond quickly and effectively to a crisis. We are excited to be working with Allied World as an integral part of the expansion of their product and service portfolio.”

Allied World’s bulletin noted: “Worldwide coverage of up to $25 million in limit is available for each individual coverage section. Actual coverage will be subject to the policy as issued.”

Source: Allied World Assurance Company

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