Beazley snags former Chubb executives
Reprints
Beazley PLC has snagged four former Chubb Ltd. executives to underwrite a new product recall coverage for private businesses in the United States set to launch in the second quarter.
In a statement Thursday, Beazley said the team, based in Farmington, Connecticut, includes Florian Beerli, product lead, and underwriters Angela Ives, Jae Pak and Alex Marti.
Mr. Beerli was previously senior vice president at Chubb Ltd., while the other three were previously underwriters at Chubb Ltd., according to their LinkedIn profiles.
Beazley Product Recall will be available to U.S.-domiciled companies and cover a range of risks from small to large, focusing on risks of up to $100 million in revenue, the insurer said.
The coverage will be offered as a standalone product and as a complement to existing specialty lines including its life sciences coverage BioSecure, Beazley said.
“The exposures related to product recalls are an ongoing and increasing occurrence regardless of size and industries. They pose a significant impact for a company’s balance sheet and brand reputation,” Mr. Beerli, Beazley’s head of product recall, said in the statement.
“Manufacturers and producers are operating in a climate of increased regulatory and legal scrutiny. Small- to medium-sized enterprises face the added pressure of financial and operational consequences in the event of a product recall. There is significant need to have comprehensive protection in place,” Kathryn Janofsky, head of Beazley’s U.S. private enterprise division, said in the statement.
Read Next
-
Chubb Bermuda names excess liability exec
Chubb Bermuda has named Michael J. Warwicker to be senior vice president, head of excess liability, Chubb Ltd. said in a statement Wednesday.
