Axon Underwriting Services (AUS) has acquired the Contaminated and Consumer products recall insurance business from Allianz Global Corporate & Specialty (AGCS) in the US.
The financial details of the transaction have not been divulged.
Axon Crisis Management unit secured the renewal rights for the product recall insurance portfolio – formerly written by Allianz Global Risks US Insurance Company.
Formed in 2013, AUS is a specialty lines program administrator and service provider based in New Jersey.
Earlier this year, the company expanded its suite of specialised insurance products.
The added underwriting capabilities offer Contaminated Product Recall, Consumer Goods Product Recall, and Restaurant Foodborne Illness & Contamination insurance.
These three products will now be underwritten in collaboration with Nationwide E&S/Specialty, on a non-admitted basis, offering a capacity of $10m.
Axon SVP Alex Pittignano said: “We at Axon Crisis Management are excited to obtain the renewal rights for Contaminated Products and Consumer Products Recall Insurance Policies previously underwritten by AGCS in the US.
“Our staff of experienced recall underwriters is prepared to ensure a smooth renewal for clients during this transition.”
Axon SVP Marcos Norris added: “Companies that choose to renew policies with Axon will benefit not only from an overall smooth transition, including the knowledge of their renewals by the Axon underwriters, but also from Axon’s best-in-class underwriting capabilities, dedicated claims handling, and very solid financial strength.”