Beazley launches innovative insurance solution for nutraceutical risks in Canada
Toronto, July 08, 2021 (GLOBE NEWSWIRE) -- Specialist insurer Beazley has launched its nutraceutical focused insurance product NutraGuard in Canada.
NutraGuard provides a dedicated insurance form customized for nutraceutical manufacturers and distributors with the flexibility to cover products liability, general liability, errors and omissions (E&O), product recall expense, employee benefits liability and hired/non-owned auto insurance. Coverage is available to companies active at all points of the nutraceutical value chain, from ingredient producers to product manufacturers to wholesale/retail distributors.
Derek Dow, Beazley healthcare underwriter, said: "With the Canadian nutraceuticals market expected to witness a growth rate of over 5% by 2024*, we see a gap within the insurance market for a policy tailored to the precise needs of this burgeoning market. Beazley NutraGuard offers a solution that responds to the wide variety of exposures that companies in this industry confront."
Evan Smith, Head of Miscellaneous Medical & Life Sciences at Beazley, said: "The expansion of our healthcare and life sciences offerings in Canada speaks volumes to the growth potential we see in this specialized insurance solution for businesses operating in the nutraceutical space. Beazley NutraGuard offers our clients a unique policy form that provides seamless coverage for the risks they face."
Beazley brings solid experience and understanding of the nutraceutical market having first launched NutraGuard in the US seven years ago.
With underwriters in the US, Canada, Latin America, UK, Europe and Asia Pacific, Beazley's growing healthcare team specializes in hard to place risks that require technical underwriting acumen. Clients include a wide range of organizations from producers of vitamins and minerals, lifestyle supplements, sports nutrition, cosmetics, personal care and energy products.
The risks that health-related organizations face are evolving fast as our recent research into changing attitudes to risk and insurance among digital health and wellness leaders demonstrates. Read our recent report here:
Note to editors:
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and, in 2020, underwrote gross premiums worldwide of $3,563.8m. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
