ACE Westchester, the U.S.-based wholesale-focused insurance division of the ACE Group, announced that it has introduced a new stand-alone product recall underwriting unit, which will deliver insurance products to respond to the increased risks associated with product recalls.
According to a release, Florian Beerli will serve as Senior Vice President, Product Recall Underwriting for Insurance-North America, with overall responsibility for delivering integrated insurance solutions in North America that are specifically structured to meet insurance needs related to product recalls. He will be based in Woodbridge, CT, and report to Bruce Kessler, Division President, ACE Westchester. He will work with the ACE branches throughout the country to deliver the full range of crisis management services and first-party product recall insurance for consumable products, consumer goods, component parts, and food borne illness for restaurants.
"The exposures related to product recalls have become an ongoing occurrence in many industries, not just the food and beverage industry, and they pose a significant liability for a company's balance sheet and overall brand reputation," said Kessler. "The new ACE Westchester product recall offering can tailor coverage based on the unique needs of customers. Our research of the product recall market has demonstrated that the magnitude of the problem continues to grow, and there is a real need for a product that can mitigate the financial disruption caused by recalls."
Additionally, the company said, this new product offering will offer reimbursement costs for product recalls and covered third- party expenses associated with consultants, as the result of claims arising from the product recall.
"I'm pleased to welcome Florian to ACE," added Kessler. "His proven success and experience in providing insurance solutions and crisis management services in the product recall arena makes him well-positioned to lead this new unit."
With more than 20 years of insurance industry experience, with particular emphasis in crisis management, Beerli joined ACE from Crum & Forster, where he served as Vice President, Crisis Management. He also previously headed up the Crisis Management Division for Catlin U.S., and held a senior underwriting position at American International Group in its Crisis Management Unit.
((Comments on this story may be sent to firstname.lastname@example.org))