Independent wholesale broker Price Forbes has set up a new security risks practice.
The new practice will help corporates prevent and mitigate the impact of major claims before they happen.
Alistair Fox OBE, Sam Aiken and Ashley Coles have joined Price Forbes to launch the new practice, which will work with corporates and organisations to arrange proactive, pre-incident cover.
Price Forbes said this cover sits above existing policies and provides access to a panel of incident response specialists and traditional security product lines.
The new practice will be led by Fox, as head of security risks. He is a former Army colonel who served as a bomb disposal and search expert before leading operations for political and security risks at an insurance broker.
Aiken will be the practice’s executive director. He has experience as head of kidnap and ransom insurance for a major London specialty broker focused on North American risks.
Coles, who joins Price Forbes as director, brings underwriting experience to the team. He worked as a kidnap and ransom underwriter at Hiscox Special Risks.
Fox described the new security practice as a “shift change for the insurance market”, with cover focusing on prevention and mitigation. He continued: “Our bespoke solutions make the most of innovative product launches from insurers, filling a gap in the market between traditional covers.”
Price Forbes will provide access to specialists such as evacuation, security, cyber and reputation and legal experts. They will help clients “to prevent, protect and recover from security-related threats and incidents”, he said.
“Uniquely, some policies can be triggered on suspicion, imminence or allegation of an insured event rather than waiting for traditional policy triggers.”
James Masterton, chief executive officer of Price Forbes, expressed his delight at launching the new practice. He said: “As an independent broker, our focus is on listening to and working with clients to protect their interests on an individual basis—and this is exactly what the security risks team is doing.”