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Ardonagh’s Price Forbes sets up new practice

Ardonagh’s Price Forbes sets up new practice | Insurance Business

Ardonagh’s Price Forbes sets up new practice

Alistair Fox OBE, Sam Aiken, and Ashley Coles have made the switch from Jardine Lloyd Thompson (JLT) to The Ardonagh Group’s Price Forbes.

Coles brings a decade of experience from JLT while Fox and Aiken both came onboard the brokerage in 2015. Now the three have been recruited by Price Forbes to man its new security risks practice.

“I am delighted to be able to launch this new practice and add to the specialties that Price Forbes offers,” said chief executive James Masterton. “As an independent broker, our focus is on listening to and working with clients to protect their interests on an individual basis – and this is exactly what the security risks team is doing.

“These appointments also underline Price Forbes’ strategic vision of growing the business in core sectors by investing in talented market specialists to ensure we continue to provide the right cover for our clients no matter how challenging the market conditions.”

Leading the team in his capacity as security risks head is Fox, a former Army Colonel who served as a Royal Engineer bomb disposal and search expert before foraying into the territory of political and security risks insurance.

Aiken, who believes the insurance market is very siloed while clients’ risks are not, was previously with the Parachute Regiment. Prior to joining Price Forbes as executive director, he most recently held the position of kidnap and ransom insurance head. Meanwhile, appointed as director is Coles, whose credentials include his time spent at Hiscox as special risks underwriter.

Commenting on the development, Fox stated: “We believe this is 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. Our bespoke solutions make the most of innovative product launches from insurers, filling a gap in the market between traditional covers.

“It is designed to provide access to specialists such as evacuation, security, cyber and reputation and legal experts, helping clients to prevent, protect, and recover from security-related threats and incidents. Uniquely, some policies can be triggered on suspicion, imminence, or allegation of an insured event rather than waiting for traditional policy triggers.”