Product recall
-
The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
-
The carrier also confirmed the appointment of Ian Davidson as senior underwriter.
-
Axa XL’s product recall team was depleted after two senior underwriters resigned in January.
-
Both Schlesinger and Sandford will report to Matt Humphries, head of crisis management.
-
The appointment follows the resignations of Shaun Russ and Ian Davidson.
-
Jack Broadbent left WTW to join CFC in June 2023.
-
The resignations will see Russ and Davidson reunited with fellow Axa XL alumnus Mark Hutton, who joined Tokio Marine HCC as head of crisis management last year.
-
Ellen White, underwriter on the product recall team, is due to succeed Michael Crabtree following his departure.
-
Natasha Catchpole previously headed up the product recall team at CFC.
-
Lloyd Fornah’s departure follows the resignations of Ed Mitchell and senior underwriter Vanessa Fouquet earlier this year.
-
The recall market has been affected by flat rates, as well as loosening policy terms and conditions.
-
New market entrants, fraying wordings and inflation disruptions are among the key trends to watch out for in 2023.
-
HDI Global is understood to have led the policy, while Aon is said to be the broker.
-
Underwriters are keeping a watching brief on how the regulation may influence claims trends.
-
McCoy’s appointment follows the news that ERS-owned IQUW is venturing into recall with a crisis management product led by Talbot’s Jon Atkinson.
-
Jon Atkinson will join the carrier in April 2022 as lead underwriter.
-
Claims from recalls due to lithium-ion batteries, which are heavily linked to the sustainable auto industry, are causing a capacity squeeze and affecting rates on certain policy lines.
-
The unit combines kidnap and ransom, security incident response, terrorism, product recall and personal accident lines.
-
The Bermuda (re)insurer exits management liability, along with marine hull, power and product recall.
Most Recent
-
Polo Managing Agency gets Lloyd's approval for Oak Re Syndicate
06 September 2024 -
Chaucer hires ex-McGill treaty head Milgate as head of distribution
06 September 2024 -
Thomas Miller launches standalone energy MGA Navata led by Hellman
06 September 2024 -
ExCeL Covid-19 appeal victory opens door for more Covid BI claims
06 September 2024 -
Axa appoints Van Hecke to lead ceded reinsurance unit
06 September 2024 -
More action needed on regulators’ competitiveness objective: Wagstaff
06 September 2024