Beazley appoints underwriters to build product recall insurance offering for US businesses
New York, April 23, 2020 (GLOBE NEWSWIRE) -- 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.
Note to editors:
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and in 2019 underwrote gross premiums worldwide of $3,003.9m.
All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
Mairi MacDonald Beazley Group +44 (0)207 674 7164 email@example.com Deborah Kostroun KetchumZito Financial 201–403–8185 firstname.lastname@example.org