Large UK corporates with international security risk exposure are the target market for the new practice
Specialty wholesale broker Price Forbes has set up a new security risks practice for UK brokers.
It targets UK companies with larger operations and those with risk managers, with the promise of access to a suite of experts in the event of an incident.
Three security risk management experts have been hired for the practice, with backgrounds in international risk management, military operations, as well as insurance broking and underwriting, Price Forbes said.
The practice will be led by former army colonel Alistair Fox, who previously served in Afghanistan. He is joined by Sam Aiken as executive director, and Ashley Coles, who worked previously at Hiscox as a kidnap and ransom underwriter and more recently on maritime piracy.
A specific example of how the cover would work is if a mining company anticipated political unrest at a site, the policy could be activated to evacuate staff and secure premises.
As a wholesale broker, Price Forbes will be able to place security risk policies on the London Market on behalf of UK brokers.
In a statement, Fox said the creation of the practice represented “a shift change for the insurance market as we focus on arranging cover that will help to prevent and mitigate the impact of major claims before they happen”.
He claimed that its “bespoke solutions” can fill a gap in the market between traditional covers.
“Some policies can be triggered on suspicion, imminence or allegation of an insured event rather than waiting for traditional policy triggers,” Fox added.
Aiken commented that “the insurance market is very siloed, but our clients’ risks are not; we can help clients of all sizes build a wrap-around solution which dovetails with their other traditional lines of cover.”
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