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New product recall insurance MGA launches

New product recall insurance MGA launches | Insurance Business UK

New product recall insurance MGA launches

NuVenture International has launched BluNiche, which is the incubator’s third managing general agent in the UK.

Founded by Neil Evans, BluNiche will specialise in product recall insurance with capacity provided by Chaucer Syndicate 1084. Prior to going it alone, Evans was crisis management senior class underwriter at Talbot Underwriting.

“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 Evans. “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. 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.”

The London Market MGA will operate as a subsidiary of NuVenture International.

“BluNiche is the third MGA launched by NuVenture, and we’re delighted to bring an alternative to incumbent markets in the product recall space,” commented NuVenture chief executive 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.”