New lease of life for product recall insurance?

NuVenture International has launched BluNiche which will specialise in product recall insurance with capacity provided by Chaucer Syndicate 1084.

Related topics:  product recall,  insurance
Tabitha Lambie | Editorial assistant, Barcadia Media
4th August 2022
signpost with 'product recall' written on it
"BluNiche is the third MGA launched by NuVenture, and we’re delighted to bring an alternative to incumbent markets in the product recall space."
- Andy Colbran, NuVenture chief executive

Founded by Neil Evans, BluNiche will provide insurance to reimburse policyholders for financial losses sustained when a product has been recalled.

Product recall can be either involuntary (required by a regulatory agency or government) or voluntary (defects detected that may not force an involuntary recall) and is often very costly. Evans believes the launch of BlueNiche will help brokers offer their manufacturer clients “choice and simplicity.”

Evans believes that the product recall insurance market is “extremely specialist but has not always been able to make the best use of data to inform the risk selection process.” Through BluNiche, Evans plans to employ the latest tech and systems to “streamline” the underwriting process and supply their own MGA with the support of the NuVenture team.

The London Market MGA will operate as a subsidiary of NuVenture International.

Andy Colbran, NuVenture chief executive has said:

“Neil Evans is a highly respected market leader with an impressive track record, knowledge, and experience to build a meaningful and profitable portfolio and create value for BluNiche’s capacity providers.

“I wholeheartedly believe that the combination of product and underwriting expertise supported by high-quality capacity providers, technology, and intelligent use of external data are the best ingredients for a successful MGA.”

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