Fidelis Insurance, the privately owned Bermuda-based holding company, has taken an equity stake in managing general agent (MGA) Perigon Product Recall Limited.
Perigon’s focus will be product recall and product contamination coverage for food and beverage producers, restaurant operations, auto manufacturers, and a range of other recall classes of insurance.
As part of the move, Fidelis will provide underwriting capacity, and will manage Perigon through its MGA platform, Pine Walk Capital Limited.
Perigon will be run by Ian Bailey, who has more than 20 years’ experience in the industry, and 15 years specialising in the field of product recall and contamination.
Bailey began his career at Independent Insurance and then RSA, before starting to focus on product recall at AIG, and later moving on to XL Catlin and Hiscox.
“Ian brings extensive knowledge and experience of the Product Recall Market having worked for the most innovative market leaders in both company and Lloyd’s markets,” said Philip Vandoninck, Executive Head of Partnerships. “We are delighted to support this new MGA and welcome Ian to the Pine Walk team.”
Bailey also commented: “Perigon is a huge opportunity to leverage my extensive relationships and experience of product recall insurance in a close working partnership with Fidelis and Pine Walk.
“Our proposition is to provide market leading comprehensive solutions focused on first class service for our brokers and clients across a broad range of different product risks,” he explained. “We look forward to providing a flexible, consistent and empowered service to all of our customers.”
