MGA Accelerator DA Strategy announces today that their client, specialist Product Recall coverholder for the automotive and food industries, BluNiche, has now been approved by Lloyd’s as a Coverholder.
DA Strategy is providing licensing, launch advice and European approval to allow BluNiche to become an Authorised Representative of DA Strategy in the UK, as well as trading under a global licence as part of DA Strategy Global GmbH through its dedicated European platform.
BluNiche offers specialist Product Recall insurance across a broad range of industry sectors, including food and beverage manufacturers, auto component manufacturers, restaurants, packaging, retailers, finished goods and consumer durables. BluNiche products provide clients with balance sheet protection and crisis management in the event of a product recall.
BluNiche is backed by parent company NuVenture which, in turn, is funded by capital provider Xceedance and the facility is led by Chaucer Syndicate 1084
Charles Rowley, Chief Executive Officer of DA Strategy said:
“As a leading consultant to the London insurance market specialising in delegated authority business, we are delighted to support BluNiche under our tried and trusted MGA Accelerator programme, whereby DA Strategy provides MGAs with access to EU, UK and ROW business quickly, seamlessly and efficiently, together with the specialised support they require.
Gaining access to Europe is not a simple process for ambitious MGAs looking to expand into these countries. In addition to the licences, MGAs need the appropriate regulatory oversight and, in order to achieve this, they must engage with the right partners. Focusing on quality is vital, particularly in a post-Brexit scenario, where coverholder demand for effective and fully compliant solutions required to operate within Europe has increased substantially. We provide this dedicated support to ensure that our client MGAs meet legal and regulatory requirements through our turnkey solution in Germany, DA Strategy Global GmbH.
We look forward to continuing working with Neil and the team at BluNiche as they expand their business across Europe and the rest of the world supporting the expansion of their underwriting, monitoring regulatory changes in Europe to make certain that they are compliant with the shifting regulatory landscape.”
Neil Evans, Managing Director at BluNiche Risk Services Limited said:
“As a specialist Product Recall coverholder, we only offer this class of insurance. We’re fully-focused on developing innovative and flexible protection for brokers and their clients which we now look to bring to the European arena.
Working with Charles and his specialist team has enabled BluNiche to concentrate on expansion of the business, and to leverage the huge opportunities that lie ahead of us, secure in the knowledge that all legal, regulatory and reporting protocols – areas where we are not experts – are being handled and put in place by them. Access to Europe will prove invaluable to us, and we’re very grateful to DA Strategy for instigating the right relationships to securing the correct capacity. This will allow us to deliver our data-driven underwriting to a new market – DA Strategy’s support with our journey has been critical to its success.”
Notes to Editors
About DA Strategy
DA Strategy is a consultancy of seasoned and experienced London Market professionals helping carriers, brokers and MGAs manage their new or expanding delegated underwriting, particularly for quality niche Delegated Authority business.
The relentless focus on speed-to-market is why DA Strategy is known as an MGA accelerator, helping new MGAs make an impact in the insurance sector and – unlike many other MGA incubators and partners – the company does not require an equity stake in the MGAs they support.
From helping an MGA implement its own Delegated Authority processes, conducting a strategic review or providing a tailored outsource offering, DA Strategy’s input allows MGAs to concentrate on making the right business trading decisions knowing that they have high quality support.
DA Strategy additionally provides expert advice and an experienced resource for carriers who wish to review their existing conduct or product governance framework, which is often done in advance of a ‘deep dive’ regulatory review. Its expertise also crosses over into operational best practices where it can impart its deep understanding of IT systems and software to assist carriers and MGAs with choosing and implementing systems.
DA Strategy addresses the challenges MGA’s, brokers and carriers face due to the increased oversight from Lloyd’s, external regulatory pressure on risk management, conduct, complaints, Solvency II due diligence and data sharing.