Xl Insurance announced the launch of a new range of insurance solutions for life science companies. The new products are aimed at companies in the following fields: biotech, cosmetics and medical devices in general, as well as small to medium-sized pharmaceutical companies with moderate US exposure and a turnover of up to EUR 1 billion.
The products developed especially to respond to the needs of the Life Science industry include General Liability, Product Liability, Clinical Trial Liability (Domestic and Foreign), Environmental Liability and Property coverage. These are offered as stand-alone or as part of a package and are initially available primarily to buyers in Europe.
Thomas Stamm, Chief Underwriting Officer Primary Casualty, International P&C, said: “Life Science companies today operate in increasingly complex and demanding markets. Changing demographics and customer needs, as well as challenging legal frameworks create opportunities and at the same time result in a highly litigious environment. Our specialized underwriters and risk engineers understand the Life Science industry’s complex risks. As these are global by nature, clients can count on our global network and expertise to insure risks in over 100 countries.”
Daniel Maurer, Chief Underwriting Officer Middle Market, International P&C, commented: “The spectrum of companies active in this industry ranges from start-ups to established market leaders – each with specific risks. We have identified the special needs of this growing and innovative industry and are able to create solutions that unleash the Life Science industry’s capacity to advance.”
Source : XL Insurance