Axon acquires AGCS' US recall portfolio

Axon Underwriting has acquired the renewal portfolio of Allianz Global Corporate & Specialty’s US Contaminated and Consumer Products Recall insurance business.

Axon expanded its suite of specialised insurance products in January with the underwriting capabilities to offer contaminated product recall, consumer goods product recall, and restaurant foodborne illness and contamination insurance.

All three products will be underwritten on a non-admitted basis in partnership with the E&S and specialty companies of Nationwide, and will offer a capacity of USD$10m.

Marcos Garcia Norris, senior vice-president at Axon said: “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 US.”

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