C&F acquires renewal rights for Aspen's US food and beverage product recall portfolio
Crum & Forster (C&F) has acquired the renewal rights of Aspen's US food and beverage product recall insurance portfolio, written primarily through the excess and surplus lines market.
C&F has also taken on the underwriting team servicing this portfolio.
The transaction adds to C&F's 10-year history of offering product recall insurance products in its crisis management division.
Steve Fomchenko, division president at C&F, said: "Our combined teams' experience further solidifies C&F's focus on this product line and will help ensure a smooth renewal for clients during the transition."
Henry MacHale, portfolio director for first party and specialty at Aspen Insurance, said the move was part of Aspen’s drive to create efficiency through simplification of the business.
"As we transition away from the product recall space we will continue to concentrate on our core crisis management offerings from our UK entities,” he said. “Our product recall business, led by Nicky Alexandru, has contributed to positive underwriting results since the crisis management team entered the product recall space in 2016.”