NuVenture International, which incubates and supports general agent management (MGAs) in the UK insurance markets, has announced the launch of its third MGA, product recall insurance specialist BluNiche.
BluNiche was founded by Neil Evans, a veteran of product recall insurance, who most recently served as senior underwriter Crisis Management at Talbot Underwriting, where he led global product recalls for customers in the food, beverage and auto parts industries.
BluNiche products provide customers with balance 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 to launch NuVenture and we are excited to offer an alternative to existing Product Recall markets,” said NuVenture Chief Executive Officer Andy Colbran. “Neil Evans is a highly respected industry 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 am convinced that the combination of product and insurance expertise supported by high-quality capacity providers, technology and intelligent use of external data are the best ingredients for a successful MGA,” he added.
“I’m excited to announce the launch of BluNiche, and I’m excited to partner with brokers to bring choice and simplicity to their manufacturer customers,” said Neil.
“The product recall insurance market is highly specialized, but has not always been able to make optimal use of data to inform the risk selection process. With the launch of BluNiche, I want to change that by using the latest technology and systems to streamline the adoption process,” Neil continues.
“Product recall is such a niche business and many of the major carriers don’t have the time and knowledge to devote themselves to it. It became clear to me that the best way to continue bringing my expertise to the market was through my own MGA, and the support of the NuVenture team has allowed me to bring BluNiche to life,” he said.
About NuVenture International Ltd.
London-based NuVenture nurtures, develops and supports a diverse portfolio of MGAs, each benefiting from a range of mid and back office features delivered by strategic partner Xceedance.
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