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TheStreet Open House

ACE USA Enhances Stand-Alone Kidnap & Extortion Coverage By Joining Forces With GMG Underwriters, LLC To Offer Specialized Consultancy And Response Services

ACE USA, the U.S.-based retail operations of the ACE Group, today announced its collaboration with GMG Underwriters, LLC, a specialist in Kidnap & Ransom coverages and services, to further expand the growth of its specialized underwriting platform. The stand-alone Kidnap & Extortion coverage offering is available for U.S.-based companies of all sizes with international operations, as well as those that have employees who travel overseas. This stand-alone policy -- which is offered through ACE USA’s Foreign Casualty Unit -- provides companies with a valuable combination of incident prevention and response resources, along with insurance that offers protection from the impact of costly ransom and related expense payments.

Bryan Tedford, Senior Vice President, ACE Foreign Casualty, said, “We’re pleased to collaborate with GMG Underwriters LLC, and their team of experienced insurance professionals to further extend the availability of our specialized kidnap and extortion products and services to their network. They understand the challenges faced by companies employing a global workforce, which goes a long way to providing the protection and support needed by our clients. This engagement further demonstrates our commitment to offering international kidnap and extortion coverage to the marketplace.”

Benefits of ACE USA’s stand-alone Kidnap & Extortion coverage include access to a response team comprised of highly qualified security professionals provided by red24 global security specialists, a world leader in the special risk markets, with expertise in advising individuals and multinational corporations on the prevention of and response to kidnap and extortion.

“Even a company that is just exploring a foreign business venture needs to be aware that given the increasingly volatile economic and political environment around the world, some countries average four to five kidnappings each week,” said Bryan Tedford, Senior Vice President, ACE Foreign Casualty. “In today’s global business world, a company may not wish to abandon its plans, but it can help protect its employees and operations by offering specialized kidnap/ransom and extortion coverage.”

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