XL launches kidnap and ransom in Asia
XL has established kidnap and ransom insurance capabilities in Asia with the transfer of Alex Smith, kidnap and ransom underwriter, to the region.
Smith is transferring from London and will be based in Hong Kong. He joined XL Group’s global cisis management team, specialising in kidnap and ransom, in February this year.
The move is in line with the XL Group’s strategy to further add capacity and capability to its operations across Asia Pacific, strengthening its team of first tier underwriters and other insurance professionals.
XL said that the transfer will result in XL Group being one of the few global insurers with a locally based underwriter specialising in kidnap and ransom cover, including piracy, to organisations and individuals in Asia.
David Guest, head of XL Group’s crisis management team in Asia, said: “A key differentiator for us is that we offer an holistic kidnap and ransom risks mitigation service through our global partnership with specialist risk consultancy, Terra Firma Risk Management.
“Terra Firma provides specialist kidnap and ransom response capabilities and crisis management consultancy advice to XL Group’s clients. Services offered by Terra Firma include negotiation and real-time support in case of an incident in addition to pre-incident training and consulting. Terra Firma has the capacity to provide a first class service to clients in Asia through its representation in Hong Kong.
“In today’s globalised world, there is a need for on-the-ground crisis management servicing to ensure timely and effective mitigation. The establishment of kidnap and ransom capability in Asia demonstrates our commitment to providing a holistic offering to our clients in the region. Alex will work closely with Terra Firma, helping organisations and individuals to better understand the risks they face, and then deliver insurance solutions to protect people and assets.”