The FBI released images of a suspect in the abduction of Today Show host Savannah Guthrie’s 84-year-old mother, Nancy, on Tuesday, eight days after she was forcibly taken from her home in Tucson, Arizona, a nightmare scenario that many high-profile individuals and public companies prepare for with kidnapping insurance.
TODAY — Pictured: Savannah Guthrie and mother Nancy Guthrie on Thursday, June 15, 2023 — (Photo by: Nathan Congleton/NBC via Getty Images)
Nathan Congleton/NBC via Getty Images
Key Takeaways
- FBI Director Kash Patel shared four images on X of what he described as an “armed individual” in a ski mask tampering with the camera outside Guthrie’s front door.
- An FBI spokesperson said Monday that “[The FBI] is not aware of any continued communication between the Guthrie family and suspected kidnappers.”
- The loved ones of wealthy individuals can be more vulnerable to kidnapping for ransom schemes than the public figures themselves, as the idea is to leave those with the money in a position to pay it.
- Lots of high-profile individuals, including billionaires William Hearst and J. Paul Getty, have seen their family members kidnapped for ransom over the decades.
- While companies don’t publicly acknowledge acquiring kidnapping insurance policies (to avoid encouraging abductions), Exxon, Fiat and Heineken have all experienced the kidnapping of executives in the past.
- It’s unknown whether the Guthrie family held kidnapping insurance at the time of Nancy’s abduction, and publicly disclosing coverage can void the policy.
How Does It Work?
Unlike standard insurance, which primarily reimburses losses after an incident, kidnapping and ransom (K&R) insurance is designed to operate in real time during a crisis, similar to a private task force. The insurance covers all expenses related to a kidnapping incident, including public relations costs, travel expenses, legal fees and business expenses impacted by the incident. When a policyholder notifies their K&R insurance company of an incident, the company provides resources, including specialists and negotiators who are often former FBI, CIA or military hostage experts who cooperate with law enforcement directly. The goal is to mitigate costs by trying to avoid payment of the ransom. The insurance does also cover the ransom amount if needed, though it’s not guaranteed. In the latter case, as with more traditional forms of insurance policies, policyholders will usually pay themselves before getting reimbursed. If it’s not safe to notify the insurance company or police immediately, a ransom can be negotiated and paid, and the company will investigate and reimburse after the fact.
Who Has Kidnapping Insurance?
“I would say that someone in [Guthrie’s] position having kidnapping insurance would be rare,” says Kenneth Bombace, CEO of Global Threat Solutions, a firm that provides private security to ultra-high net worth individuals, including billionaires. “She has celebrity-level status, but if somebody had asked, ‘Who do you think might be targeted for kidnapping?’ [Nancy Guthrie] would probably be low on the list.” Bombace explained that kidnappings for ransom are “extremely rare” in the U.S., even among celebrities and their families, and the most likely way Guthrie might have been covered is through her daughter’s employer, NBC, but he “would doubt it.” The most common kidnapping policy holders include billionaires, executives at large public companies, professional athletes and individuals who regularly travel to high-risk regions with active kidnapping advisories, such as members of nongovernmental organizations. Bombace says “most” of his billionaire clients hold such policies.
How Much Does It Cost?
Kidnapping and ransom insurance can be “relatively affordable” on the low end, according to Bombace. Premiums can be as cheap as $500 per year for low-risk individuals, but go all the way up to hundreds of thousands of dollars or higher for top executives. The cost is influenced by factors such as the desired coverage, the number of threats an individual faces and travel to high-risk regions.
Key Background
In a video posted to Instagram on Monday, Savannah Guthrie pleaded with her 1.7 million followers to assist with the search for her missing mother. “We believe our mom is still out there. We need your help,” she said. “Even if you’re far from Tucson…if you see anything, if you hear anything, if there’s anything at all that seems strange to you.” Some past cases offer hope. Kim Kardashian, beer magnate Freddy Heineken, Aldi supermarket heir Theo Albrecht and Frank Sinatra Jr. were all released alive after being held in captivity.
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