Great American, Hiscox & Control Risks Announce Expansion to Provide Market-Leading Kidnap & Ransom Insurance

CINCINNATI--(BUSINESS WIRE)--
Leading specialty insurers Great American Insurance Group and Hiscox USA announced today an expanded collaboration, along with Control Risks, a global specialist risk consultancy.

Great American will continue to write Kidnap & Ransom (K&R) business while maintaining its relationship with Hiscox USA. Over the next year, all K&R policies will be written on Great American admitted paper, rated “A+” (Superior) by A.M. Best (rating affirmed December 3, 2021). Hiscox and Great American will continue to work together to provide exceptional customer service and outstanding claims service. Customers can access Control Risks’ crisis response services, which have advised on extortive crime in 147 countries.

“This agreement offers the best of all three providers to customers,” said Stephanie Hoboth, Divisional President – Fidelity / Crime, Great American Insurance Group. “They have access to the underwriting excellence and internationally renowned knowledge of both Great American and Hiscox to precisely assess their exposures. As well, customers are able to tap into Control Risks’ expertise related to crisis management, such as kidnap for ransom, extortion, threat and illegal detention.”

“Control Risks has five decades of industry-leading experience underpinned by the largest database of extortive crime in the world. We have an unrivalled capacity to help when clients are managing critical incidents and lives are at stake,” said Nick Allan, CEO at Control Risks. “We work exclusively with Hiscox’s insured clients to provide priority crisis response services and look forward to supporting Hiscox and Great American in their expanded relationship.”

“In this instance, we’re able to leverage the best of Great American, Hiscox USA, and Control Risks,” said Kevin Kerridge, CEO at Hiscox USA. “This strategic relationship further cements our commitment to this market and creates an all-around comprehensive offering.”

About Great American’s Fidelity / Crime Division

With more than 25 years of protecting virtually every class of business from crime-related losses, Great American’s Fidelity / Crime Division has a depth of experience in both underwriting and claims that is unmatched in the marketplace. As one of the largest monoline crime insurers in the hemisphere, the Fidelity / Crime Division maintains $50 million in underwriting capacity for private and public businesses, financial institutions, and governmental entities, and $65 million in a broad kidnap, ransom & extortion policy. Additionally, Fidelity / Crime offers specialized products and programs for casinos and gaming operations, armored car companies, fine art, mining risks, ATM companies, security guards and check cashers.

About Great American Insurance Group

Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of “A+” (Superior) affirmed December 3, 2021). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.

About Control Risks

Control Risks is a global specialist risk consultancy, committed to helping our clients build organizations that are secure, compliant, and resilient in an age of ever-changing risk. Responsible risk taking is at the core of our clients’ success. Control Risks have unparalleled experience in helping clients ready themselves for, respond to and recover from challenges and crises that arise in any ambitious organization seeking to convert risk into opportunity globally.

Control Risks has led the confidential crisis response market for more than five decades and has market-leading expertise in resolving cases of kidnap for ransom, extortion, threat, and illegal detention. Control Risks has advised on more than 4,300 cases and amassed over 55,700 case-days of experience covering every region of the world, including in 147 countries. For more information visit www.controlrisks.com

About Hiscox

Hiscox USA provides a variety of specialty risk solutions, including a broad spectrum of errors & omissions, general liability, cyber and data security, media liability, management liability, crime, and terrorism insurance products.

The Hiscox Group employs over 3,000 people in 14 countries and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. In the US, Hiscox small business Insurance is underwritten by either Hiscox Insurance Company Inc., a Chicago-based insurance company, or a Hiscox Syndicate at Lloyd’s, London, which is available on a surplus lines basis through licensed surplus lines brokers.

Hiscox’s values define business, with a focus on people, courage, ownership and integrity. Hiscox takes pride on being true to their word and award-winning claims service is testament to that. For more information, visit www.hiscox.com.

Websites:

www.GAIG.com

www.GAIG.com/for-businesses/division-details/fidelity-crime

www.AFGinc.com

www.controlrisks.com

www.hiscox.com

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Diane P. Weidner
Vice President, Investor and Media Relations, American Financial Group

513-369-5713

[email protected]

Source: Great American Insurance Group