Allied World Assurance Company Holdings, a provider of property, casualty and specialty insurance and reinsurance solutions, has partnered with red24, an independent, global security consultancy firm.
According to Allied, as part of its new ForceField Kidnap & Ransom/Extortion coverage, red24 will offer policyholders a range of proactive intelligence and security services, including web-based travel security information with daily news briefs sent each business day.
In addition, the red24 service model includes its crisis management center, offering critical emergency assistance and immediate 24/7 access to its security response team. The red24’s security response team is equipped to respond on both an advisory and a physical basis to a range of security-related issues such as kidnapping, extortion and other crisis incidents.
The company said that the global coverage of up to $25m in limit is available for each individual coverage section. The actual coverage will be subject to the policy as issued.
Gordon Knight, president of Allied World US, said: “For our policyholders, the most essential element of insurance coverage for these kinds of risks is prompt access to highly competent, experienced security professionals. Understanding this vital need in our global economy, we look forward to a long and productive relationship with red24.”
Jack Cloonan, head of special risks at red24, said: The red24 approach includes a 24/7 Crisis Response Center as well as a response consultant team comprised of highly trained security professionals with the skill set to respond quickly and effectively to a crisis.