One80 Intermediaries (One80) has launched a program with Hiscox Special Risks to insure kidnap and ransom risks for truckers crossing the US and Mexico border.
Boston-based national wholesale insurance broker and program manager One80 said the Transportation Threat Protect (TTP) program protects commercial drivers and transport operations from the growing risk of hijack, kidnap, malicious detention and extortion on the border.
The customised insurance program offers risk mitigation, reimbursement of ransom costs, public relations support and access to a crisis management consultancy.
One80 noted a “dramatic increase” in kidnap and ransom cases globally. According to Control Risks, 48 percent of Americas K&R cases took place in Mexico in the first quarter while 71 percent of abductions happened in transit.
“We recognised the increased risk of hijack and extortion at the border between the USA and Mexico, potentially putting employees’ safety at risk as well as the profitability of their operations,” said Matthew Power, One80 president. “This product was designed for the safety and protection of our transportation clients.”
Charlie Hanbury, head of partnerships and portfolios at Hiscox Special Risks, noted the insurer has offered similar coverages to various industry classes throughout the globe. “One80’s expertise, service model and relationships have provided us with valuable insights in tailoring this product for the border between the USA and Mexico,” he added.
This is the latest in a series of announcements from One80 this month.
It acquired National Underwriting Services for an undisclosed price. The medical stop loss insurance managing general underwriter partners with Axa XL subsidiary Greenwich Insurance Company, which is rated A+ by AM Best, as well as A rated Fidelity Security Life Insurance Company.
One80 also acquired Strategic Underwriting Managers, a Canada based managing general agent – its first international acquisition. As this publication reported, the wholesaler plans further expansion into the UK and European markets.