ZURICH--(BUSINESS WIRE)--
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:
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Clinical trials: sponsors of human clinical trials
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Sold products: biotechnology companies and specialised pharmaceutical
companies with up to €1 billion in sales or a limited product mix
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Medical equipment and product manufacturers
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Fronting arrangements for large pharmaceutical risks
Key benefits of ACE’s life science proposition now include:
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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
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Flexible capacity for sold products including niche pharmaceutical,
medical device and biotechnology risks, depending upon product and
country availability
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Limits of €15 million per trial and €35 million in aggregate for
clinical trials
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Access to expert crisis planning and preparation support from
red24assist
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Catastrophe management coverage of €25,000 per occurrence and in
aggregate
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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.”
ENDS
About ACE:
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.
Visit www.acegroup.com/eu
Source: ACE