Munich Re Specialty–North America (MRS-NA) has launched a new Life Science liability business, extending its reach into one of the fastest-growing areas in healthcare and specialty insurance.
The new offering is designed to support companies in pharmaceuticals (both branded and generic, as well as prescription and OTC), clinical trials, medical devices, dietary supplements, contract services and animal health. The expansion positions MRS-NA to better serve a market that’s projected to grow at a 10% compound annual rate through 2033.
“As innovation accelerates across the life science industry, so does the complexity of risk,” said James Craig, senior vice president and head of the new business. “Companies in this space need stability and real expertise in their insurance partners. Our new offering is built to meet that need.”
Craig, an experienced life sciences underwriter, will lead the new team within MRS-NA’s Healthcare group under its Excess & Surplus Lines division.
The new liability product provides a broad range of protection, including:
- Medical product liability for product defects, clinical trials and regulatory compliance
- Errors & Omissions (E&O) for financial loss from errors, omissions or negligence
- Premises liability for incidents involving visitors, contractors or employees
- Cyber and tech E&O to protect digital assets, systems and reputations
- Medical professional liability to manage malpractice-related exposures
With this launch, MRS-NA becomes a single-source provider for a wide range of healthcare-related risks. Its in-house claims and litigation team adds further value for policyholders navigating complex regulatory and product-related exposures.
“Our life science liability coverage is responsive to the real-world needs of these clients and is competitive in the marketplace,” said Liz Kramer, president of Excess & Surplus Lines at MRS-NA. “We’re proud to offer a solution that gives life science companies the confidence to grow, innovate and bring their solutions safely to market.”
The product will be offered through wholesalers and retailers, with both primary and excess options available. It is non-admitted in all 50 states and backed by the financial strength of the Munich Re Group.
