Product recall

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.