Global insurer and reinsurer Hiscox has announced the launch of a new Crisis Management unit within its London Market business, a move designed to bring together the firm’s crisis related expertise to meet the evolving needs of clients.
The new Crisis Management division will include kidnap and ransom (K&R), Security Incident Response, terrorism, product recall and personal accident lines of business.
According to Hiscox, this new structure ensures it is well placed to meet the evolving needs of its clients, leveraging the synergies that exist between these related business lines. Hiscox plans to work closely with its long-term strategic partner, Control Risks.
Set to be led by Mike Williams, the new Crisis Management division combines Hiscox’s teams in London, Guernsey, and Miami, which were formerly part of Hiscox Special Risks. Head of Crisis Management Rest of World, Charlie Hanbury, will run the London K&R team and global Security Incident Response team. At the same time, Liz Prior, Managing Director Guernsey, will manage the Guernsey K&R team. While Napo Montes-Amaya, Head of Crisis Management Miami, takes over responsibility for K&R and Hiscox MGA from Miami.
Additionally, Kevin Henry, current Chief Underwriting Officer (CUO) of Hiscox Special Risks, will become the global Product Head for K&R.
Furthermore, Rich Halstead, David Burke, and Jason Innes remain as line underwriters for terrorism, product recall, and personal accident, respectively, and will all report to Williams, Divisional Director of Crisis Management at Hiscox London Market.
Williams commented: “Crisis management has been a core part of Hiscox’s DNA for many years and it makes good sense to bring our market leading expertise across K&R, terrorism, Security Incident Response, product recall and personal accident into one division, supported by our partner Control Risks.
“No business is immune to security incidents involving its employees, products and services, or wider operations and the potential for unexpected and damaging consequences. Whether it’s safeguarding employees from a terrorist threat, to advising on a local kidnap risk for an overseas subsidiary, or helping to protect a corporate reputation from a product contamination incident, this change will ensure that our world class crisis management capabilities continue to lead the way; providing our clients with the reassurance they need in an uncertain environment.”
The re/insurer states that the change also better reflects the distribution-led geographic approach adopted by the wider Hiscox Group to serve clients. The U.S. and European K&R businesses will now sit within the Hiscox USA and Hiscox Europe businesses, respectively.
Nick Allan, Chief Executive Officer (CEO) at specialist global risk consultancy, Control Risks, said: “Control Risks and Hiscox have a strong partnership going back decades. We welcome the formation of Hiscox’s new Crisis Management division and the continuation of our ongoing successful partnership as we work together to support clients in times of crisis.”
