LONDON, 4th August 2022 —
NuVenture International, which incubates and supports managing general agents (MGAs) in the UK insurance markets, has announced the launch of its third MGA, Product Recall insurance specialist BluNiche.
BluNiche was founded by Product Recall insurance veteran Neil Evans, who was most recently Senior Class Underwriter, Crisis Management, at Talbot Underwriting, where he was global head of product recall for clients in the food, drink and automotive parts industries.
BluNiche products provide clients with balance sheet 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 launched by NuVenture and we’re delighted to bring an alternative to incumbent markets in the Product Recall space,” said NuVenture Chief Executive Officer Andy Colbran. “Neil Evans is a highly respected market 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 wholeheartedly believe that the combination of product and underwriting expertise supported by high quality capacity providers, technology and intelligent use of external data are the best ingredients for a successful MGA.”
“I am thrilled to announce the launch of BluNiche and I’m keen to work with brokers to give their manufacturer clients choice and simplicity,” said Neil. “The product recall insurance market is extremely specialist but has not always been able to make the best use of data to inform the risk selection process. In launching BluNiche, I aim to change that by employing the latest tech and systems to streamline the underwriting process.”
He added: “Product recall is such a niche business and many of the major carriers don’t have the time and knowledge to commit to this. It became clear to me that the best way to continue offering my expertise to the market was via my own MGA, and the support of the NuVenture team has enabled me to bring BluNiche to life.”
– Ends –
Issued by Rein4ce on behalf of NuVenture International
Stephen Breen, Rein4ce
+44 (0)7843 076556
stephen.breen@rein4ce.co.uk
About NuVenture International Ltd
NuVenture (www.NuVenture.com) nurtures, develops, and supports a diverse portfolio of MGAs, each
benefitting from an extensive range of mid- and back-office functions provided by strategic partner,
Xceedance. With an innovative insurance business model — built on modern, scalable technology
and guided by core values of integrity and transparency — NuVenture and its MGA members focus on influencing sustainable change in the MGA market.
About BluNiche
Founded by Product Recall veteran Neil Evans in 2022, BluNiche (www.BluNiche.com) – operating out of the London Market and underpinned by A+ (S&P) rated Lloyd’s security – is all about providing exceptional Product Recall insurance for brokers looking to provide their clients with balance sheet protection and crisis management in the event of a recall. BluNiche is a subsidiary of NuVenture International Ltd.
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Blu Niche Risk Services Limited is a limited liability company incorporated in England & Wales (Company number: 13809098). Registered Office 8 Lloyd’s Avenue, 1st Floor, London, EC3N 3EL. Blu Niche Risk Services Limited is an Appointed Representative of D A Strategy Limited, which is authorised and regulated by the Financial Conduct Authority FCA 927590.
In respect of all insurance business in the EEA Blu Niche is a trading name of DA Strategy Global GmbH incorporated and registered in Germany as an insurance agent with authorisation according to § 34 d para. 1 GewO and registration number: D-6AA6-0V31H-31. Court of registration: Hamburg HRB 165919, acting through its London Branch with UK establishment number BR023132 and registered at 2 Minster Court, London, EC3R 7BB, UK.
