|By Business Wire||
|May 19, 2014 05:40 AM EDT||
ACE Group today announced the introduction of enhanced insurance cover for the life science industry in Continental Europe as it continues to build its specialty casualty offering for middle-market and multinational businesses across the region.
ACE will add to its existing life sciences offering cover for catastrophe management that includes pre and post-crisis support available for companies exporting sold products beyond their home country. ACE will partner with specialist consultancy red24assist to provide its clients with robust crisis preparation and planning services, as well as response support that gives them access to specialist resources when facing a crisis incident.
ACE’s proposition is designed to support a wide range of medical products including:
- Clinical trials: sponsors of human clinical trials
- Sold products: biotechnology companies and specialised pharmaceutical companies with up to €1 billion in sales or a limited product mix
- Medical equipment and product manufacturers
- Fronting arrangements for large pharmaceutical risks
Key benefits of ACE’s life science proposition now include:
- Global casualty cover, including the US, for Europe-based life science companies, through ACE’s network and team of specialist life science and casualty underwriters
- Flexible capacity for sold products including niche pharmaceutical, medical device and biotechnology risks, depending upon product and country availability
- Limits of €15 million per trial and €35 million in aggregate for clinical trials
- Access to expert crisis planning and preparation support from red24assist
- Catastrophe management coverage of €25,000 per occurrence and in aggregate
- Specialist expertise from ACE’s dedicated in-house casualty risk engineering team
Country-specific offerings, tailored for each of ACE’s key markets in Continental Europe, will be rolled out in the coming months in conjunction with local ACE casualty underwriting teams.
Connie Germano, Regional Technical and Underwriting Manager for ACE’s casualty business in Continental Europe, said:
“As the reach of Europe’s life science industry expands, its casualty exposures are growing more complex. With this comes the increasing risk of a crisis impacting a company’s reputation and its bottom line. At ACE, we know that the sector’s complex risk management requirements can only be met through dedicated underwriting knowledge and robust risk management planning. Our new proposition brings both of these together, combining expert underwriting with the risk management counsel and crisis support that mid-market companies will particularly value.”
Jeff Moghrabi, Regional President, Continental Europe, said:
“Our life science proposition provides an excellent example of how ACE can bring its specialist casualty expertise and global experience to bear for the benefits of the Continent’s faster-growing industries. This enhancement further builds our market-leading offering for the life science sector and emphasises our commitment to providing comprehensive solutions for middle-market companies that extend beyond a traditional insurance policy.”
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, 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. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
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