Markel has launched new coverage to cater to the emerging needs of biomedical and life sciences companies in the US primary insurance segment.
Coverage is available for product liability, professional liability, general liability, clinical trial liability, and related medical professional liability.
Target markets include the pharmaceutical, biotechnology, medical device, dietary supplement, and laboratory instrument and equipment industries. Markel has an established book of life sciences business in the excess markets, but this is the first foray into a primary offering.
"Making primary coverage available to both wholesalers and retailers is a natural progression in extending our product line expertise in life sciences," stated Matthew Huels, Managing Director of Markel's casualty product line leadership team. "From start-ups to research and clinical trials to product manufacturing, we offer a product that serves the commercial insurance needs of middle-market life sciences companies."
Mike Morgan, Managing Director, Casualty, Markel Global Insurance, added, "Our global experience in this space lends itself well to working with wholesalers and retailers in the US to grow life sciences premium. The underwriting team is a dedicated group of experienced individuals that offers a broad range of flexible coverages to meet the specific needs of these insureds."
Coverage is written on a surplus lines basis and is available in all 50 states.
Huels is based in Chicago, and Morgan is based in New York City.