Price Forbes launches new security risks practice

Price Forbes has launched a new security risks practice offering proactive, pre-incident cover designed to work alongside existing traditional insurance policies and with access to a panel of international incident response specialists as well as traditional security product lines.

Aimed at organisations of all sizes, and across all sectors, the new division is led by head of security risks, Alistair Fox OBE, a former army colonel who served as a Royal Engineer bomb disposal and search expert before heading up operations for political and security risks at a major insurance broker.

Joining Fox are executive director Sam Aiken and director Ashley Coles. Aiken has experience as head of kidnap and ransom insurance for a major London specialty broker focused on North American risks including the delivery of risk services across the wider political violence, terrorism risk and crisis management sectors. He has also worked in business, as director of risk management for a US capacity development company working in Kabul and prior to that served in the Parachute Regiment.

Coles brings underwriting experience to the team, having worked as a K&R underwriter at Hiscox Special Risks focussing on Latin American family Kidnap and Ransom business and latterly Maritime Piracy. Ashley has spent the last 11 years as a broker specialising in Emergency Security Evacuation and Security Risks, including five years based in Hong Kong as Asia’s first specialty security risks broker where he established a broad portfolio of business across the region.

Fox commented: “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”.

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