Beazley to build US product recall insurance offering

Specialist insurer, Beazley is introducing a new product recall policy for private enterprises in the US, scheduled for launch this Summer.

The company has appointed a new underwriting team specifically to support the offering. Based in Connecticut, the team includes Florian Beerli as product lead and Angela Ives, Jae Pak and Alex Marti as underwriters.

Beazley Product Recall will be available to US-domiciled companies and cover a range of risks but with a primary focus on businesses with up to US$100m in revenue.

Florian Beerli, the insurer'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."

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