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LONDONLondon-based security specialist ArmorGroup International P.L.C. is to acquire specialist kidnap and extortion company Neil Young Associates.
ArmorGroup will pay £1 million (€1.49 million) for Neil Young Associates, an international provider of kidnap and extortion prevention, training and response services to corporations and governments. The company is also an approved kidnap and ransom consultancy for most of the world's largest insurers and specialist risks brokers, ArmorGroup said in a statement.
According to ArmorGroup, there are around 15,000 reported incidents of kidnapping, detention and extortion worldwide each year. The company estimates K&R total insurance market premium at around $250 million (€192.4 million), growing at around 10% to 15% annually.
On completion, Neil Young Associates will trade as NYA International Ltd.