XL Group has launched a kidnap, ransom & extortion (KRE) crisis policy that features a new agreement with risk consultancy, Terra Firma Risk Management LLP. Through the agreement, 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.”
Balan says the coverage features precautionary assistance from security advisors and crisis management experts at Terra Firma to help clients 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,. 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 resources 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 KRE Crisis Policy is provided by XL Group plc’s insurance subsidiaries which include XL Specialty Insurance Co., Greenwich Insurance Co., Indian Harbor Insurance Co. and XL Insurance America, Inc.
Terra Firm Risk Management advisors have handled over 600 cases of kidnap, extortion, wrongful detention, contamination and piracy, and have a presence on five continents around the world.
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