Munich Re Specialty launches life science liability coverage
Munich Re Specialty-North America has launched a new life science business, expanding its capabilities in one of the fast-growing sectors of both specialty insurance and healthcare.
The new MRS-NA life science liability offering is designed for insureds in pharmaceuticals (branded, generic, prescription and OTC), clinical trials, medical devices, dietary supplements, contract services and animal health.
The MRS-NA life science team will work with wholesalers and retailers to provide both primary and excess coverage, is non-admitted in all 50 states and is supported by the unmatched financial stability of the Munich Re Group.
MRS-NA’s life science liability solution will provide:
- Medical product liability coverage for product defects, clinical trials and regulatory compliance
- Errors & Omissions (E&O) for financial loss protection for losses related to errors, omissions or negligence
- Premises liability to ensure the safety of visitors, contractors and employees at client locations
- Cyber and tech E&O to protect companies’ digital presence, assets and reputation from harm
- Medical professional liability for protection with medical malpractices risks
“As innovation accelerates across the life science industry, so does the complexity of risk,” says Craig. “Life science companies seek stability and expertise in their insurance partners to manage volatility and protect against litigation and product liability risks. Munich Re Specialty’s new product offering is a direct response to what we’ve heard from our broker partners looking for smarter, more flexible coverages tailored to the realities of today’s medical and biotech advancements.” – SVP James Craig, who will lead the new business.
“Our life science liability coverage is responsive to the real-world needs of these clients and is competitive in the marketplace. Munich Re Specialty saw an opportunity to serve this vital niche as well as expand the capabilities of our healthcare portfolio. We’re proud to offer a solution that gives life science companies the confidence to grow, innovate and bring their solutions safely to market.” – Liz Kramer, President, Excess & Surplus Lines, MRS-NA.
