Upland Capital Group has announced the launch of its product recall insurance, signaling its expansion into new markets within the specialty insurance industry, particularly in the food and non-food manufacturing sectors.
The offering covers defects in component parts and consumer goods, as well as contamination in food and beverages. Policyholders can secure coverage limits of up to $10 million, with options to structure policies as primary, quota share, or excess.
Daniel Akerman, with over 15 years of experience in underwriting and global crisis management, leads the product recall team.
“Upland offered a unique opportunity to introduce a product offering built around the art of individualized underwriting while focusing on a global scale,” said Akerman.
He aims to establish Upland as a key player in the product recall insurance market.
“I am looking forward to the opportunity of establishing Upland as a leading product recall market and helping support the continued growth of Upland within the excess and surplus liability industry,” he added.
Read more: Examining the high stakes of product recalls
Akerman’s team comprises Joseph Stottler and Jessica Stoneback as vice presidents, and Michael Data and Michael Henley as senior underwriters.
Upland’s president of insurance operations, James Damonte, remarked on the company's approach to business development, emphasizing the role of experienced professionals in diversifying its portfolio.
Damonte noted that the new offering aligns with Upland’s "we-entrepreneur" philosophy, fostering both global growth and expansion within its excess and surplus liability business.
“Daniel and the team demonstrate the essence of Upland’s ‘we-entrepreneur’ work ethic and bring valuable knowledge and underwriting experience as we grow globally. I am excited to introduce this specialized new product as we diversify our portfolio,” said Damonte.
As a company providing specialized insurance solutions, the product recall insurance is the latest addition to Upland Capital Group’s offerings, which include excess transportation, construction casualty, primary and excess general liability, professional liability, and cyber liability.
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