Axon acquires Allianz’s recall portfolio in US
Specialty lines programme administrator Axon Underwriting has acquired the renewal portfolio of Allianz Global Corporate & Specialty’s (AGCS) US contaminated and consumer products recall insurance business written through Allianz Global Risks US Insurance Company.
Axon expanded its suite of specialised insurance products in January 2020 with the underwriting capabilities to offer contaminated product recall, consumer goods product recall, and restaurant foodborne illness & contamination insurance.
All three products will be underwritten on a non-admitted basis in partnership with the E&S/Specialty companies of Nationwide, and will offer a capacity of $10 million.
Alex Pittignano, senior vice president at Axon, said: “We at Axon Crisis Management are excited to obtain the renewal rights for Contaminated Products and Consumer Products Recall Insurance Policies previously underwritten by AGCS in the United States. Our staff of experienced recall underwriters is prepared to ensure a smooth renewal for clients during this transition.”
Marcos Garcia Norris, senior vice president at Axon, added: “Companies that choose to renew policies with Axon will benefit not only from an overall smooth transition, including the knowledge of their renewals by the Axon underwriters, but also from Axon’s best-in-class underwriting capabilities, dedicated claims handling, and very solid financial strength. For Axon, this opportunity helps further position us as a leading Crisis Management insurance company and supports our strategy of expanding our customer base in the U.S.”
