International P/C insurer and reinsurer Catlin Group Limited, has formed a crisis management underwriting team that will write product recall and kidnap and ransom (K&R) coverages, effective 1 July 2006.
Catlin’s origins are in the U.K., but it is headquartered in Bermuda. Catlin writes business through four platforms – Bermuda, London, Lloyd’s and just recently in the U.S. This puts the Group in a good position to compete with American International Group, which pioneered this type of coverage, and Hiscox Plc, the U.K.’s leading provider of K&R coverage.
The Group’s announcement said: “The coverage will be underwritten by an experienced team of specialist crisis management underwriters who have recently joined Catlin. The product recall coverage to be written by the team will cover companies in the food, drink and consumer goods industries. The product will cover accidental contamination of products, malicious tampering incidents and product recalls.”
Catlin indicated that it is in the process of appointing Security Exchange Limited to “provide services to policyholders, including pre-risk contingency planning and crisis response.” It is also in the process of appointing RQA Inc. to provide specialist support for product recalls risks in the United States and Canada and Global Quality Consultants to provide this support outside North America.”
Catlin said its newly formed crisis management underwriting team “consists of Class Underwriters Neil Evans and David Burke and Underwriting Assistant Stuart Allen.”
Evans was most recently vice president of the Crisis Management Division of AIG in London. He also served as an account manager with Bain Hogg Insurance Brokers Ltd.
Burke most recently was Vice President of Marsh’s FINPRO Division in London, where he was head of product recall. He also was formerly a senior underwriter with ACE Europe, specializing in product contamination, kidnap/extortion and terrorism risks.
Allen also comes from AIG, where he was most recently a crisis management underwriter. He previously was an assistant underwriter with Assicurazioni Generali in London.
Paul Brand, Catlin’s chief underwriting officer, commented: “We are pleased to announce that Catlin will soon begin underwriting product recall and kidnap & ransom coverage, and we are also pleased to welcome Neil Evans, David Burke and Stuart Allen to Catlin. We believe that Catlin will quickly become an important market for product recall/K&R business in the London market. Underwriting this class of business will not only expand Catlin’s product offerings to brokers and their clients, but will also further diversify the portfolio of business underwritten by the Group.”
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