Great American Insurance Group will continue to write Kidnap & Ransom (K&R) business while maintaining its relationship with Hiscox USA as they announce an expanded collaboration, along with Control Risks, a global specialist risk consultancy.
According to the announcement, over the next year, all K&R policies will be written on Great American admitted paper, rated “A+” (Superior) by A.M. Best, which was affirmed in December 2021.
Both specialty insurers have said they will continue to work together to provide exceptional customer service and outstanding claims service. Customers can access Control Risks’ crisis response services, which have advised on extortive crime in 147 countries.
Stephanie Hoboth, Divisional President – Fidelity / Crime, Great American Insurance Group, commented: “This agreement offers the best of all three providers to customers.
“They have access to the underwriting excellence and internationally renowned knowledge of both Great American and Hiscox to precisely assess their exposures. As well, customers are able to tap into Control Risks’ expertise related to crisis management, such as kidnap for ransom, extortion, threat and illegal detention.”
“In this instance, we’re able to leverage the best of Great American, Hiscox USA, and Control Risks,” added Kevin Kerridge, CEO at Hiscox USA. “This strategic relationship further cements our commitment to this market and creates an all-around comprehensive offering.”
Nick Allan, CEO at Control Risks, said: “Control Risks has five decades of industry-leading experience underpinned by the largest database of extortive crime in the world. We have an unrivalled capacity to help when clients are managing critical incidents and lives are at stake.
“We work exclusively with Hiscox’s insured clients to provide priority crisis response services and look forward to supporting Hiscox and Great American in their expanded relationship.”
