Beazley appoints underwriters to build product recall insurance offering for US businesses
Specialist insurer Beazley is introducing a new product recall insurance policy for private enterprises in the United States, with a planned launch in the second quarter of 2020. The company has appointed a new underwriting team specifically to support the offering.
The team is based in Farmington, Connecticut, and includes:
- Florian Beerli – product lead
- Angela Ives – underwriter
- Jae Pak – underwriter
- Alex Marti – underwriter
Beazley Product Recall will be available to US-domiciled companies and cover a range of risks from the small to large, with a primary focus on risks with up to $100 million in revenue.
Florian Beerli, Beazley’s head of product recall, said: “The exposures related to product recalls are an ongoing and increasing occurrence regardless of size and industries. They pose a significant impact for a company’s balance sheet and brand reputation. Our offering will provide what clients need to help protect their businesses and customers. We’re delighted to join Beazley where our new offering will complement the existing specialist offerings.”
Kathryn Janofsky, head of Beazley’s US private enterprise division, said: “Regardless of size, manufacturers and producers are operating in a climate of increased regulatory and legal scrutiny. Small-to-medium-sized enterprises face the added pressure of financial and operational consequences in the event of a product recall. There is significant need to have comprehensive protection in place, and we are thrilled to have a team dedicated to meeting the demand in this market segment.”
Beazley will offer the new product recall insurance as a standalone product and as a complement to existing specialty lines products such as BioSecure, Beazley’s innovative offering to the life sciences industry.