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20 May 2014News

ACE broadens its scope with life science proposition

ACE has introduced 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.

It 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, sold products, medical equipment and product manufacturers and fronting arrangements for large pharmaceutical risks.

Connie Germano, regional technical and underwriting manager for ACE’s casualty business in continental Europe, says, “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.”

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.

Germano continues, “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, says, “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.”