Hiscox writes K&R in US

North America

Hiscox, the Bermuda based specialist insurance group, will write kidnap and ransom insurance business in the US market through its local subsidiary, Hiscox USA which is licensed in the state of New York. This is a significant departure for Hiscox, one of the best known K&R insurers. K&R policies are not usually associated with stable, developed economies such as the US. The demand for K&R cover tends to emanate from countries in Latin America, Central Asia and the Middle East. The kidnappings that do occur in the US are dealt with by the FBI and are generally not publicised. The business will be written on a highly customised and stand alone basis from Hiscox’s offices in Manhattan and Armonk. Hiscox has appointed two K&R insurance underwriters Lisa Zanotelli and Derek Rogers, executive and senior vice presidents respectively in broker Willis’s Special Contingency Risks Practice, to develop the business.