Crum & Forster (C&F) has acquired the renewal rights of Aspen’s U.S. food and beverage product recall insurance portfolio written primarily through the excess and surplus lines market. In addition, the underwriting team servicing this portfolio will be joining C&F effective December 2, 2020.
The transaction adds to C&F’s 10-year history of offering a wide range of product recall insurance products in its Crisis Management division. “We are excited to obtain the renewal rights from Aspen and look forward to the Aspen team joining,” said Steve Fomchenko, Division President at C&F. “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 & Specialty at Aspen Insurance, said: “We are pleased to have reached this agreement with Crum & Forster, and as we transition away from the product recall space, we will continue to concentrate on our core Crisis Management offerings from our U.K. entities. 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. As we continue to review our portfolio to create efficiency through simplification, this agreement will enable both parties to benefit from a partnership that delivers creative solutions combined with first class underwriting and crisis consulting services. We wish Nicky and his team much continued success with Crum & Forster.”
About Crum & Forster
Crum & Forster is a leading national property and casualty insurer, providing specialty insurance products through its admitted and surplus lines insurance companies. Founded in 1822, Crum & Forster is one of the oldest U.S. insurance companies, and today has more than 2400 employees across the country conducting business through a network of independent agents, brokers and wholesalers. Crum & Forster had $2.8 billion in gross written premium in 2019 and is rated “A” (Excellent) by A.M. Best. For more information about Crum & Forster, please visit www.cfins.com.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2019, Aspen reported $12.6 billion in total assets, $7.0 billion in gross reserves, $2.7 billion in total shareholders’ equity and $3.4 billion in gross written premiums. Aspen’s operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC, and an “A” (Excellent) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.