Munich Re Specialty–North America (MRS-NA) announced the launch of a newsScience business line, expanding its insurance capabilities within the fast-growing healthcare and biotechnology sector. A news release highlighted that the development aims to meet the increasing demand for specialized liability coverage among life sciences organizations.
The newly introduced life science liability offering targets a range of enterprises, including branded and generic pharmaceutical companies, over-the-counter drug producers, clinical trial sponsors, dietary supplement manufacturers, medical device developers, contract service providers and businesses in animal health.
James Craig, senior vice president at MRS-NA and a long-time underwriter specializing in life sciences liability insurance, will lead the new division. It will operate under the Healthcare segment of the company’s Excess & Surplus Lines group.
“As innovation accelerates across the life science industry, so does the complexity of risk,” said Craig. “Life sciences 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.”
The new liability solution provides comprehensive protection, including coverage for medical product defects, regulatory compliance, and clinical trials; errors and omissions (E&O) to address financial loss from negligence; premises liability for injury or property damage at insured locations; cyber and technology E&O for digital and tech-related risks; and medical professional liability for malpractice in healthcare services.
MRS-NA’s internal team includes experienced claims professionals and litigation experts who will support clients throughout the risk management process. Coverage is available on a non-admitted basis in all 50 states and can be written on both a primary and excess basis.
The announcement comes as the life sciences industry is projected to grow at a compound annual growth rate of approximately 10% from 2024 to 2033. The coverage is backed by the financial strength of the Munich Re Group.
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