Beazley rolls Product Recall insurance out to the Canadian market
Toronto, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Beazley launched its Product Recall product offering to the Canadian market today – the latest specialty insurance product in its expanding portfolio in Canada. The new range includes coverage for three different product offerings and will be available throughout Canada.
Expert underwriter Evan Pollock joined Beazley as Lead Product Recall Underwriter last month, bringing with him a wealth of experience in Product Recall, further enhancing the proposition.
Commenting on the rollout, he said: “Our Product Recall team has been diligently working over the last several months on creating an innovative Product Recall insurance solution that provides what clients need to help protect their businesses and customers.
“Our solution includes three different product offerings: consumable products, consumer goods and component parts. We are excited to add this offering to our existing suite of products here in Canada, and are looking forward to using our experienced and innovative underwriting capabilities to help provide our insureds with the comprehensive coverage needed for their industry.”
Florian Beerli, Head of the Specialty Risks & US Programs team at Beazley, added: “When a recall incident occurs, our comprehensive coverage reimburses our clients for the costs that they incur to get their product out of the stream of commerce and replace it. This is a real lifeline to companies who would otherwise suffer huge financial loss, not to mention brand erosion. We are very proud to be rolling this out to clients in Canada from today.”
Note to editors:
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and, in 2020, underwrote gross premiums worldwide of $3,563.8m. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.