Fidelis Insurance has announced that it has taken an equity stake in a newly launched MGA, Perigon Product Recall, and will be providing underwriting capacity.

Perigon’s focus will be product recall and product contamination coverage for food and beverage producers, restaurant operations, auto manufacturers, as well as a broad range of other recall classes of insurance. This will be managed through Pine Walk Capital, Fidelis’ subsidiary MGA platform.

Read more: New MGA gets Fidelis backing

In a statement, Fidelis said that industry veteran Ian Bailey will run Perigon. Bailey has over two decades of experience in the industry and 15 years of experience specialising in the field of product recall and contamination, with stints at Independent Insurance, RSA, AIG, XL Catlin, and Hiscox.

“Perigon is a huge opportunity to leverage my extensive relationships and experience of product recall insurance in a close working partnership with Fidelis and Pine Walk,” said Bailey. “Our proposition is to provide market leading comprehensive solutions focused on first class service for our brokers and clients across a broad range of different product risks. We look forward to providing a flexible, consistent and empowered service to all of our customers.”

“Ian brings extensive knowledge and experience of the product recall market, having worked for the most innovative market leaders in both company and Lloyd’s markets,” said Philip Vandoninck, executive head of partnerships at Fidelis Insurance. “We are delighted to support this new MGA and welcome Ian to the Pine Walk team.”