ACE Group, a multiline property and casualty insurer, has unveiled a new insurance plan covering global life science risks for organizations in continental Europe, designed to further build its casualty offering for businesses in the region.
Commenting on the new proposition, ACE continental Europe middle market and life science casualty manager Connie Germano said the life science industry faces various challenges with complex insurance requirements that can only be met properly through expert knowledge and collaboration.
The underwriter said that its team of specialist casualty underwriters will provide product liability and professional liability policies for a variety of businesses such as biotechnology firms, highly specialized pharmaceutical companies with revenues of €500m or less and five products or fewer.
Additionally, the insurance cover will also be made available to medical equipment manufacturers, sponsors of human clinical trials globally. The company will provide fronting capabilities for large, multinational pharmaceutical risks.
Based on the product offering, flexible capacity of up to €100m and occurrence and claims-made coverage will be provided.
In addition to buying the protection as a standalone insurance scheme, it can also be purchased by companies under a wider casualty insurance program with ACE.
The company is also considering launching country-specific offerings, tailored for each of ACE's key markets in Continental Europe, in the next few months.
Trading in 53 nations, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
