Bermuda-based Allied World Assurance Company Holdings Ltd. has announced it has joined forces with independent global security consultancy firm red24 to provide kidnap and ransom/extortion insurance.

As part of Allied World's new ForceField (SM) Kidnap & Ransom/Extortion coverage, red24 will offer policyholders a range of proactive intelligence and security services, including web-based travel security information with daily news briefs.

The red24 service model features a state-of-the-art crisis management centre, offering critical emergency assistance and immediate 24/7 access to its security response team.

red24's security response team is equipped to respond on both an advisory and a physical basis to an array of security-related issues such as kidnapping, extortion and other crisis incidents.

"Kidnap for ransom and extortion is one of the fastest growing areas of criminal activity throughout the world," said Gordon Knight, president of Allied World US. "For our policyholders, the most essential element of insurance coverage for these kinds of risks is prompt access to highly competent, experienced security professionals.

"Understanding this vital need in our global economy, we look forward to a long and productive relationship with red24."

Jack Cloonan, head of special risks for red24, said: "The red24 approach includes a 24/7 crisis response centre as well as a response consultant team comprised of highly-trained security professionals with the skill set to respond quickly and effectively to a crisis."