NuVenture International, which incubates and supports managing general agents (MGAs) in the UK insurance markets, has announced the launch of its third MGA, Product Recall insurance specialist BluNiche.
BluNiche was founded by Product Recall insurance veteran Neil Evans, who was most recently Senior Class Underwriter, Crisis Management, at Talbot Underwriting, where he was global head of product recall for clients in the food, drink and automotive parts industries.
BluNiche products provide clients with balance sheet protection and crisis management in the event of a product recall. Capacity at Lloyd’s of London is provided by Chaucer Syndicate 1084.
“BluNiche is the third MGA launched by NuVenture and we’re delighted to bring an alternative to incumbent markets in the Product Recall space,” said NuVenture Chief Executive Officer Andy Colbran. “Neil Evans is a highly respected market leader with an impressive track record, knowledge and experience to build a meaningful and profitable portfolio and create value for BluNiche’s capacity providers.
“I wholeheartedly believe that the combination of product and underwriting expertise supported by high quality capacity providers, technology and intelligent use of external data are the best ingredients for a successful MGA.”
“I am thrilled to announce the launch of BluNiche and I’m keen to work with brokers to give their manufacturer clients choice and simplicity,” said Neil. “The product recall insurance market is extremely specialist but has not always been able to make the best use of data to inform the risk selection process. In launching BluNiche, I aim to change that by employing the latest tech and systems to streamline the underwriting process.”
He added: “Product recall is such a niche business and many of the major carriers don’t have the time and knowledge to commit to this. It became clear to me that the best way to continue offering my expertise to the market was via my own MGA, and the support of the NuVenture team has enabled me to bring BluNiche to life.”