Insurer extends its leading position in the kidnap and ransom business
Hiscox has strenghtened its non-marine operations after buying a portfolio of kidnap and ransom business from Aon.
The business, which is substantially underwritten by Hiscox, principally comprises of Latin American risks from third party intermediaries.
The agreement was reached following Aon's decision to restructure its Aon Crisis Management division to focus on servicing business from Aon's network of global offices.
The deal includes a transfer of existing staff and systems, which will ensure a seamless transition for existing clients and brokers, the company said.
Hiscox is the market leader for kidnap and ransom insurance by premium income.
