ACE Westchester, the U.S.-based wholesale-focused insurance division of the ACE Group, 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.
Florian Beerli will serve as senior vice president of product recall underwriting for insurance-North America, with overall responsibility for delivering integrated insurance products in North America that are specifically structured to meet the insurance needs related to product recalls. He will be based in Woodbridge, Conn., and report to Bruce Kessler, division president, ACE Westchester. He will work with the ACE branches throughout the country to deliver 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 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, 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.
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 (AIG) in its crisis management unit. Beerli received a business degree in insurance from the Business School of Schaffhausen in Switzerland.
The new ACE Westchester product recall product offering is underwritten and provided by insurance companies within the ACE Group. All products may not be available in all jurisdictions. Surplus lines insurance is sold through licensed surplus lines brokers only. The product information above is a summary only. The insurance policy actually issued contains the terms and limits of the contract.