Lockton Launches Innovative Product in Response to the Rapidly Evolving Risk of Modern Terrorism

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Sep 13, 2016, 03:05 ET

LONDON, Sept. 13, 2016 /PRNewswire/ -- In response to the growing and rapidly evolving terror threat, insurance broker Lockton in conjunction with London Market insurers Hiscox, Beazley, Talbot and XL Catlin, have launched a new product – Terrorism Crisis Solutions (TCS). Designed to offer corporate clients a combined terrorism cover that encompasses a wide range of threats, the new policy brings together underwriting talent from the London Market's leading terrorism insurers, with the convenience and accessibility of one modular product.

Offering clients unique flexibility, TCS allows them to choose from a range of covers, including: sabotage and terrorism for both property damage and liability; financial protection when a client is impacted by an insured event; threat of a malicious act, nuclear, chemical, biological, and radiological malicious acts; active assailant, active shooter, workplace violence and stalking threat as well as riots, strikes and civil commotion.

Adam Watson, a Lockton partner and Head of North American Property & Terrorism, said: "Businesses are facing not only a growing terrorist threat but one that is rapidly changing in nature. We have seen recent attacks across Belgium and France as well as in the US, which have brought home how terrorists are adapting their methods to inflict maximum casualties, fear and disruption.

"Recognising the uncertainties and vulnerabilities that this brings to businesses around the world, we have brought together a panel of the London Market's foremost terrorism insurers to develop a new comprehensive modular terrorism product. Terrorism Crisis Solutions enables clients to build a terrorism policy that can be customised to meet their precise needs."

Richard Halstead, War, Terrorism, and Political Violence Line Underwriter from Hiscox, added: "Terrorism can impact businesses in a multitude of ways and we're pleased to be part of an insurer panel that not only delivers a comprehensive insurance solution to the terrorism threats that many businesses face, but also continues to reaffirm London as a leading destination for businesses looking to protect themselves against this volatile and evolving risk."

Notes to editors

About Lockton
More than 6,000 professionals at Lockton provide 48,000 clients around the world with risk management, insurance, employee benefits consulting, and retirement services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 10th largest overall. For six consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.

About Hiscox
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange. There are three main underwriting divisions in the Group - Hiscox London Market, Hiscox Re and Hiscox Retail (which includes Hiscox UK and Europe, Hiscox Guernsey, Hiscox USA and subsidiary brand, DirectAsia). Hiscox underwrites internationally traded, bigger ticket business and reinsurance through Hiscox Re and Hiscox London Market. Through its retail businesses in the UK, Europe and the US Hiscox offers a range of specialist insurance for professionals and business customers, as well as homeowners.

For further information, visit www.hiscoxgroup.com.

About Beazley Group
Beazley plc (BEZ) is the parent company of specialist insurance businesses with operations in Europe, the US, Latin America, Asia, the Middle East and Australia. Beazley manages six Lloyd's syndicates and, in 2015, underwrote gross premiums worldwide of $2,080.9 million. All Lloyd's syndicates are rated A by A.M. Best.

Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information please go to: www.beazley.com

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