Insurer aims to support life science firms in Continental Europe with an enhanced proposition that includes catastrophe management
The life science industry’s exposures are increasingly more complex as firms continue to expand, says ACE regional and technical underwriter, casualty Connie Germano.
Biotechnology and specialist pharmaceutical firms are more exposed to reputational damages and supply chain disruption in the event of a crisis, which is why ACE has today launched an enhanced proposition for life science clients in Continental Europe.
Germano said: “As the reach of Europe’s life science industry expands, its casualty exposures are growing more complex. With this comes the increasing risk of a crisis affecting a company’s reputation and its bottom line.”
ACE’s life science proposition offers businesses pre- and post-crisis support in exporting sold products beyond their home country and aims to support a wide range of medical products, including:
· clinical trials: sponsors of human clinical trials;
· sold products: biotechnology companies and specialised pharmaceutical companies with up; to €1bn in sales or a limited product mix
· medical equipment and product manufacturers; and
· fronting arrangements for large pharmaceutical risks.
Country-specific offerings, tailored for each of ACE’s key markets in Continental Europe, will be rolled out in the coming months in conjunction with the firm’s local casualty underwriting teams.
Germano added: “At ACE, we know that the sector’s complex risk management requirements can be met only through dedicated underwriting knowledge and robust risk management planning.
“Our new proposition brings both of these together, combining expert underwriting with the risk management counsel and crisis support that mid-market companies will particularly value.”