Commenting, Mark Hutton, XL Catlin’s Head of Product Recall for the UK & Ireland – Insurance said: “Evolving regulation in the UK and abroad, and increased awareness of consumer safety and the recall process, has culminated in manufacturers recalling more products than ever before. Increasingly, these manufacturers are turning to the insurance industry, not only for risk transfer solutions but also to make use of our risk engineering and crisis consulting capabilities offering mitigation and post-loss support.”
He continued: “We are also offering Response XL Catlin as part of this solution – our dedicated network of crisis consultants on call 24 hours a day, because the impact of a recall on brand reputation can be severe, and we know from experience that having the right help on hand is crucial to minimising the damage.”
Andrew McMellin, XL Catlin’s Chief Executive for UK & Ireland – Insurance added: “According to the manufacturers’ organisation EEF, UK manufacturing employs 2.6 million people, contributes 10% of GVA, and accounts for 44% of total exports. It’s not surprising then, that when a product recall occurs it makes headlines, sometimes around the world. While the automotive and food & beverage sectors are already buying product recall insurance coverage, there is a real requirement for a tailored solution for consumer product manufacturers. That is why we are very pleased to offer our new solution.”
Available in the UK, effective immediately, the coverage complements XL Catlin’s existing Product Recall solutions dedicated to fulfilling the needs of automotive and food and beverage clients.
About XL Catlin’s Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.