Great American expands partnerships to boost K&R business

Great American expands partnerships to boost K&R business | Insurance Business America

Great American expands partnerships to boost K&R business

Great American Insurance Group has announced that it will be working with global specialist risk consultancy Control Risks while maintaining its relationship with Hiscox USA to improve its kidnap and ransom (K&R) insurance business.

The specialty insurer said in a release that it will continue to write K&R policies, working together with Hiscox to provide “exceptional customer service and outstanding claims service.” With Control Risk joining the collaboration, customers can also access crisis response services that have advised on extortive crime in 147 countries.

The release added that, over the next year, all K&R policies will be written on Great American admitted paper, which has been rated A+ (Superior) by A.M. Best.

“This agreement offers the best of all three providers to customers,” said Stephanie Hoboth, divisional president - fidelity/crime at Great American Insurance. “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,” said Nick Allan, Control Risks CEO. “We have an unrivalled capacity to help when clients are managing critical incidents and lives are at stake. 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,” added Hiscox USA chief executive Kevin Kerridge. “This strategic relationship further cements our commitment to this market and creates an all-around comprehensive offering.”

Great American announced in September the expansion of its digital insurance platform for small commercial customers, with the new PolicySweet for Agents allowing independent agents to provide live bindable commercial quotes directly from their agency website.