BluNiche Risk Services Limited today confirmed that new subsidiary business BluNiche UK has had capacity confirmed by Chaucer Group.
BluNiche UK is a specialist Product Recall MGA entirely focused on UK domiciled risks from SME to large businesses. As of 1st January 2024 they are 100% backed by Chaucer via their insurance company in Dublin, who are providing £5 million in capacity for BluNiche UK policies.
BluNiche UK policies include a range of coverages, from food and beverage and auto recall to product defect, packager’s protection and product guarantee and recall liability.
Ed Mitchell, Head of BluNiche UK said: “I’m delighted to start 2024 by securing such quality capacity. And I’m excited to start getting out into the market, talking with brokers and working out how I can best help their clients.”
Neil Evans, Managing Director of BluNiche Group, commented that “The UK market shows great potential for the growth of Product Recall insurance, given that having the right policies in place is becoming increasingly important from a contractual, regulatory and reputational perspective.”
Chaucer are a leading specialty (re)insurance group working with brokers, coverholders and clients to protect and support business activities around the world. Chaucer Insurance Company DAC has an A (excellent) rating from A.M. Best, and A (strong) from Standard and Poor’s. They are the ideal capacity provider for BluNiche UK to work with on the launch of this new enterprise.
[Harriet Sharp, Head of Political Violence and Crisis Management at Chaucer commented: “We are delighted to be working with Neil and Ed to provide leading capacity for BluNiche UK. Managing a product recall event carefully and efficiently is critical to limiting the impact to consumers as well as the manufacturer’s own business. BluNiche UK unique product will be invaluable for business working in this space.”
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Founded by Product Recall veteran Neil Evans in 2022, BluNiche – operating out of the London Market and underpinned by A+ (S&P) rated Lloyd’s security – is all about providing exceptional Product Recall insurance for brokers looking to provide their clients with balance sheet protection and crisis management in the event of a recall. BluNiche is a subsidiary of NuVenture International Ltd. Blu Niche Risk Services Limited is a limited liability company incorporated in England & Wales (Company number: 13809098). Registered Office 8 Lloyd’s Avenue, 1st Floor, London, EC3N 3EL. Blu Niche Risk Services Limited is an Appointed Representative of D A Strategy Limited, which is authorised and regulated by the Financial Conduct Authority FCA 927590. For more information, visit www.BluNiche.com.