Wrap Technologies and Xinsurance launch private security program

Wrap Technologies, Inc. (Nasdaq: WRAP) and specialty insurance provider Xinsurance announced a partnership to develop the Wrap Safe Response Program, a certified operating standard for organizations that employ or contract security personnel across the United States.

According to the U.S. Bureau of Labor Statistics' May 2025 Occupational Employment and Wage Statistics, approximately 1.28 million security guards are employed in the U.S., compared with approximately 671,000 police and sheriff's patrol officers. The program is designed for both armed and unarmed personnel across sectors including healthcare, retail, hospitality, transportation, education, and government facilities.

The program structure assigns defined roles to four parties: Wrap owns and certifies the standard; client organizations adopt and mandate it; security services providers certify personnel to it; and Xinsurance underwrites the associated liability risk. Xinsurance operates as a doing-business-as name of Evolution Insurance Brokers, LC, an excess and surplus lines brokerage licensed in all 50 states.

A federal regulatory development preceded the announcement. On June 15, 2026, the Bureau of Alcohol, Tobacco, Firearms and Explosives issued Ruling 2026-2, determining that the BolaWrap 150 is not a firearm under the Gun Control Act and not a weapon under the National Firearms Act, classifying it instead as an instrument of restraint and rescue. The ruling applies specifically to the BolaWrap 150 as currently designed.

According to IBISWorld, the U.S. security services industry is estimated at approximately $50.4 billion in annual revenue in 2026.

"Law enforcement has been our market. It is no longer the boundary of our market," said Jared Novick, President and Chief Operating Officer of Wrap Technologies, in a statement accompanying the announcement.

Rick J. Lindsey, President, CEO and Chairman of Xinsurance, said the program "brings training, technology, and risk management together under a consistent operating standard designed to help organizations manage risk and resolve situations before they escalate."

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