Product Recall insurance specialist BluNiche launches UK venture to target regional businesses
LONDON, November 2023 – BluNiche, a specialist Product Recall insurance managing general agent (MGA), has announced it has launched BluNiche UK to target small and medium sized businesses across the UK.
BluNiche UK is led by Ed Mitchell, Head of UK, who has 25 years’ experience in the Product Recall insurance markets, including international operations. Previously, Mr. Mitchell was Global Head of Product Recall at XL Group and was most recently Principal Underwriter with MS Amlin, where he led a team of three underwriters and built it into a lead and established Lloyd’s-focussed Product Recall underwriter.
The new division, based near Birmingham, will be the only UK MGA outside of the London Market focused solely on writing Product Recall insurance.
BluNiche was launched in 2021 by MGA incubator NuVenture International, which is supported by insurance technology and data services company Xceedance.
BluNiche Founder and Managing Director Neil Evans said: “The London Market has traditionally focussed on US and international Product Recall risks. Independent UK regional brokers have often been overlooked in the past – we aim to change that.”
He said BluNiche UK would be the only UK underwriter offering a comprehensive suite of Product Recall policies – capitalising on Mr. Mitchell’s experience to offer flexible and bespoke solutions helping UK regional brokers to better service their clients.
“We are seeing a surge in demand for these products in the UK, which we are excited to be able to address directly,” said Mr. Evans. “Ed and I have been friendly competitors for more than 20 years, and I am delighted to welcome him to the BluNiche team, to help us expand and develop our UK business.”
Mr. Mitchell added: “There has never been more demand from UK businesses for Product Recall insurance. This is being driven by a growing requirement under contract in the supply chain to purchase coverage, along with an increasing recognition of the financial and reputational damage caused by recalls.
“This is an excellent opportunity for an expert local MGA to offer these specialist niche products to the UK market, and I look forward to growing BluNiche UK.”
Mr. Mitchell, who is based in Malvern, Worcestershire, said he will be hiring more underwriters in 2024 and is currently working on finalising capacity.
– Ends –
Issued by Rein4ce on behalf of BluNiche
Stephen Breen, Rein4ce
+44 (0)7843 076556
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.
About NuVenture International Ltd
NuVenture (www.NuVenture.com) nurtures, develops, and supports a diverse portfolio of MGAs, each benefitting from an extensive range of mid- and back-office functions provided by strategic partner, Xceedance. With an innovative insurance business model — built on modern, scalable technology and guided by core values of integrity and transparency — NuVenture and its MGA members focus on influencing sustainable change in the MGA market.