Brit partners with Tangram and Costero on K&R facility

Brit Syndicate at Lloyd’s has partnered with US MGA Tangram Insurance Services and broker Costero Brokers to launch a kidnap & ransom and personal accident facility.

The facility is accessible to all Tangram appointed retail brokers in the US, providing up to $50mn in kidnap & ransom coverage and up to $2.5mn per person in personal accident and illness.

The coverages included are extortion, unlawful detention, hijack, disappearance, hostage crisis, and threat response.

Additionally, the facility can provide up to $250k in cyber extortion limit, covering extortion incidents from a computer attack, network disruption and restoration of data costs. It also provides coverage for related cyber incident response costs, business interruption expenses and legal costs.

Tracy Bernard, Tangram’s SVP, head of program development: “We are excited to partner with our colleagues at Costero to offer Brit’s comprehensive Crisis Perils coverage. Brit is a market leader and we are thrilled to add them to our stable of trusted carrier partners.

“We are hopeful that the additional coverages provided, especially the cyber portion, which is not readily available from other markets, will be a sought-after solution for our partners.”

Bruno Schuoler, Brit underwriter added: “We are delighted to partner with Costero and Tangram on a facility that we believe can be catered for a broad range of client needs.

“We are thankful that Costero have selected Brit as an insurer with the knowledge and experience in a lead capacity, to provide access to underwriting expertise in this specialized field of insurance,” he continued.