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    Beazley introduces Product Recall product to the Asia Pacific market

    Specialist insurer expands its portfolio in Singapore and Hong Kong with innovative Product Manufacturing Risk & Response solution.

    Beazley’s Product Recall team has expanded its geographical presence by rolling out its Product Manufacturing Risk & Response offering to Singapore and the greater Asia-Pacific region. This offering provides insureds with comprehensive protection from manufacturing errors and recall risks. The product is written for component parts, and consumer goods and consumable businesses.

    The team will be headed up locally in Singapore by Jae Pak, a specialist Product Recall Underwriter at Beazley with a wealth of experience in the field. She commented: “The exposures related to manufacturing errors or product recalls are ongoing  in occurrence globally regardless of the size of the company or where they reside in the supply chain.. These exposures pose a significant risk to a company’s balance sheet and reputation, which is why it is so important that it is launching over here now.”

    The Beazley Manufacturing Risks & Response coverage is an innovative insurance solution that provides what manufacturers need to help protect their business and customers. When a manufacturing error or recall incident occurs, the policy reimburses insureds for their associated costs of getting their product out of the stream of commerce, replacing it, as well as the expenses for protecting their brand. The policy also provides coverage to protect the insured’s profits as well as the damages incurred by a third-party.  

    “Our solution includes offerings for any component parts and consumer goods . Adding this to our existing suite of products in the Asia-Pacific region strengthens our portfolio and provides clients global expertise, local claims handling, and experienced and innovative underwriting capabilities in Product Recall,” Jae added.

    The product will be available from August 29, 2022. In addition to the launch of this component parts and consumer goods offering, the Beazley team is also finalizing a consumable form and clinical trial gap coverage form that will be available later this year.

    For further information, please contact:
    Beazley Group
    Emily Rogers
    T +44 (0)20 7674 7517

    Note to editors:

    Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and, in 2020, underwrote gross premiums worldwide of $3,563.8m. All Lloyd’s syndicates are rated A by A.M. Best. 

    Beazley Pte Limited is a service company that is part of the Beazley group of companies. Beazley Pte Limited is authorised  by the Monetary Authority of Singapore in its capacity as a Lloyd's coverholder under the Lloyd's Asia regulations. Beazley Pte Limited has authority to enter into contracts of insurance on behalf of Lloyd’s syndicate 623 and 2623 which are managed by Beazley Furlonge Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK (ref 204896) in its capacity as a managing agent.

    Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.

    For more information please go to: www.beazley.com

     

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