XL Group establishes Kidnap and Ransom capability in Asia
Hong Kong - September 11, 2014
XL Group today announced the transfer of Alex Smith, Kidnap and Ransom underwriter, to Asia to establish the group’s Kidnap and Ransom insurance capability in the region and boost its local Crisis Management team. 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. In addition, 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 organizations and individuals in Asia.XL Group’s establishment of its Kidnap and Ransom capability in Asia is in response to a growing demand for such products from both organizations and high net-worth individuals in the region. This demand is particularly driven by home-grown Asian companies expanding their business operations outside their domicile to the Middle East, Africa and emerging markets in Asia, where they are exposed to new and unknown risks. Challenging and disparate operating environments can increase risk to both assets and individuals.David Guest, who leads XL Group’s Crisis Management team in Asia and who is based in Singapore, 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 LLP. 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.”Mr. Guest continued: “In today’s globalized 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.”Mr. Smith is transferring from London and will be based in Hong Kong from September 2014. He joined XL Group’s global Crisis Management team, specializing in Kidnap and Ransom, in February this year. Prior to that Mr. Smith was a Kidnap, Ransom and Piracy underwriter at a global insurance company.About XL Group plc’s Insurance OperationsXL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insuranceAbout XL Group plcXL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, com-mercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.comXL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.