Program administrator Axon Underwriting Services LLC said Monday it has acquired the renewal portfolio of Allianz Global Corporate & Specialty SE’s contaminated and consumer products recall insurance business written through Petaluma, California-based Allianz Global Risks US Insurance Co.
Terms of the transaction were not disclosed.
Somerville, New Jersey-based Axon said it had expanded its suite of specialized insurance products in January with the underwriting capabilities to offer contaminated product recall, consumer goods product recall and restaurant foodborne illness & contamination insurance.
Axon, which was formed in 2013, said in its statement all three products will be underwritten on a nonadmitted basis in partnership with Nationwide Mutual Insurance Co.’s excess & surplus/specialty companies and will offer $10 million in limits.
Axon Underwriting Services LLC, a specialty lines program administrator, on Tuesday said it has formed Axon Re to offer its cargo and stock throughput reinsurance program in Latin America.