Ironshore, soon to become part of Chinese conglomerate Fosun International, has beefed up its kidnap and ransom coverage for Latin America-based clients.
The Bermuda specialty insurer is expanding its offering through its Ironshore International arm, with an eye on meeting market demands from high net worth individuals and their families.
Pepe Marquez, Ironshore International’s Latin American managing director, explained in prepared remarks that high net worth clients are dealing with heightened kidnapping risks “whether at home, on vacation travel, or while engaged in studies abroad.”
Added elements to the coverage incorporate both insurance and professional services protection through Ironshore’s exclusive relationship with Hazelwood Street Consultants, a global crisis management and personal security firm. Hazelwood analysts provide clients guidance on proactive security steps they can take The firm also will put into action a team of consultants consisting of expatriate first responders that can give support within hours a kidnapping is first reported.
As well, clients get free inclusive risk management consultation advice and a psychiatric team that offers support through the entire incident, Ironshore said.
Ironshore’s kidnap and ransom coverage protects against kidnapping for ransom, extortion, hijacking and wrongful detention. The policy includes event-related expenses including ransom, loss of ransom in transit, personal accident, and legal and medical services.
Fosun announced on May 3 that it would acquire the 80 percent Ironshore it does’t already own in a deal with more than $1.8 billion. Moody’s Investors Services said, however, that the plan is credit negative for bot companies because it reduces Fosun’s liquidity and increases its debt.