Specialist insurance provider CFC is expanding its life sciences insurance solution to accommodate the needs of mid-market companies on a global basis, according to a press release.
CFC will now be able to provide excess products liability, E&O, and clinical trials solutions for global clinical research organizations and companies manufacturing or selling medical devices, functional food and dietary supplements with a revenue threshold of £2.5 billion (around $3.3 billion). The provider can also offer limits up to $15 million.
“The life science sector is possibly one of the most dynamic and has expanded faster than most other industries in recent years, fuelled by increasing patient and consumer demand for high-quality products and treatments,” said Sean Burke, CFC’s life science team leader. “While it hasn’t escaped the impact of the global pandemic, it is an industry sector that could make tremendous future contributions to economies around the world as it continues to pioneer treatments for new and existing conditions.”
He added that the CFC team has more than a decade’s experience of offering tailored insurance products for the complicated risks these businesses face, and that this is a “natural evolution” of its offering.
CFC has been operating in the life science market since 2009 and currently services more than 4,000 life science businesses around the globe.