UK-based specialist insurance company Beazley has launched new specialist insurance to expand its product portfolio in the Canadian market.

The insurer has launched Product Recall insurance, which will offer coverage for three different product offerings.

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Available throughout Canada, Product Recall covers consumable products, consumer goods and components.

Beazley’s announcement comes shortly after Evan Pollock joined Beazley as lead Product Recall underwriter.

Pollock said: “Our Product Recall team has been diligently working over the last several months on creating an innovative Product Recall insurance solution that provides what clients need to help protect their businesses and customers.

“We are excited to add this offering to our existing suite of products here in Canada, and are looking forward to using our experienced and innovative underwriting capabilities to help provide our insureds with the comprehensive coverage needed for their industry.”

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Beazley head of the speciality risks & US programs team Florian Beerli said: “When a recall incident occurs, our comprehensive coverage reimburses our clients for the costs that they incur to get their product out of the stream of commerce and replace it.

“This is a real lifeline to companies who would otherwise suffer huge financial loss, not to mention brand erosion. We are very proud to be rolling this out to clients in Canada from today.”

Last month, Beazley revealed that it has secured in-principal approval to set up an ESG-focused Syndicate 4321 at Lloyd’s.

In August this year, Beazley unveiled a range of insurance solutions aimed at organisations operating in Asia Pacific’s life sciences industry.