Specialty re/insurer Brit has teamed up with law firm Schillings Critical Risk to develop a comprehensive kidnap for ransom offering.

The company cited a fast changing geopolitical and economic climate as a primary reason for launching offering and stated that nearly 30,000 incidents of kidnap for ransom occur each year, with about 1,000 of these involving foreign nationals.

To alleviate these risks, Brit and Schillings Critical Risk, part of Schillings, have decided to integrate specialist underwriting capabilities with privacy, security and reputation expertise, to develop innovative solutions for clients.

Brit’s kidnap for ransom team will be headed by Stephen Quinton, who joined the company in September.

The Schillings Critical Risk team is led by Schillings partner, John Chase, who has over 20 years’ of experience in kidnap for ransom, extortion, blackmail, illegal detention, hijacking and cyber attacks.

Brit CEO Matthew Wilson said: “We are pleased to announce this partnership with Schillings Critical Risk. At Brit, we are always looking for new ways to both enhance the solutions we are able to offer our clients and evolve our capabilities in response to changing risks.

“This partnership is a strong example of this focus, combining Brit’s and Schillings’ respective expertise to give clients a comprehensive Crisis Management offering in one place.”

Schillings CEO and partner Rod Christie-Miller said: “Crises happen with more frequency and with more long term repercussions than ever before.

“With over 35 years’ experience as an international issues and crisis law firm, this joint partnership will ensure that we continue to protect clients from the reputation, privacy and security threats of today, as well as the issues and crises of tomorrow.”