New MGA hopes to fill gap in niche market that ‘many of the major carriers don’t have the time and knowledge to commit to’
NuVenture International, an incubation platform for startup MGAs, has today (4 August 2022) launched its third managing general agent since it was established in 2020 – product recall firm BluNiche.
BluNiche, which has secured capacity at Lloyd’s of London from Chaucer Syndicate 1084, was founded by former Talbot Underwriting senior class underwriter Neil Evans.
The new business aims to provide end clients with balance sheet protection and crisis management in the event of a product recall – this is a “niche” market which Evans believes “many of the major carriers don’t have the time and knowledge to commit to”.
Andy Colbran, chief executive of NuVenture, said: “BluNiche is the third MGA launched by NuVenture and we’re delighted to bring an alternative to incumbent markets in the product recall space.
“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.”
Catering to a niche market
Before establishing and becoming managing director of BluNiche, Evans was global head of product recall for clients in the food, drink and automotive parts industries at Talbot Underwriting.
Prior to working at the MGA, Evans was a class underwriter at Catlin and vice-president of the crisis management division at insurer AIG Europe.
Evans said: “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.
“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.
“It became clear to me that the best way to continue offering my expertise to the market was via my own MGA - the support of the NuVenture team has enabled me to bring BluNiche to life.”