Beazley poaches product recall underwriting team from Chubb

Specialist insurer Beazley has hired a team of product recall underwriters from Chubb to launch a new offering in the US.

The company plans to launch a new product recall insurance policy for US-domiciled private enterprises in the second quarter of 2020, covering a range of risks from the small to large, with a primary focus on risks with up to $100 million in revenue.

Beazley has appointed a new underwriting team based in Farmington, Connecticut, including Florian Beerli as product lead, Angela Ives as underwriter, Jae Pak as underwriter, and Alex Marti as underwriter.

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, added: “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.”