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Specialty insurer establishes product recall team in London

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Specialty insurer Hiscox Ltd. on Thursday said it has established a product recall team within its London Market business.

The team initially will focus on offering automotive component recall and food and drink product recall coverages, including recall costs and crisis consultancy to product replacement or reinstallation, business interruption, brand rehabilitation and third-party financial loss, Hiscox said in a statement.

Former XL Group P.L.C. senior class underwriter David Burke will lead the team. Product recall underwriters Ian Bailey, Andrew Kyle and John Naughton will round it out. Previously, Mr. Bailey and Mr. Kyle were class underwriters at XL, while Mr. Naughton was an assistant underwriter at XL, according to the statement.

“Establishing a product recall offering within Hiscox London Market is an exciting step for us,” David Slevin, divisional head of specialty within Hiscox London Market, said in the statement. “Product recall is a huge area and the team will focus on a range of recall risks across industries including food and drink, automotive, restaurants, pharmaceutical and consumer durables.”