Munich Re Specialty-North America (MRS-NA) has expanded its insurance offerings with the establishment of a new life science business.  

The division will cater to a variety of sectors within the life science industry, including animal health, clinical trials, contract services, dietary supplements, medical devices and pharmaceuticals.

MRS-NA’s life science liability coverage includes medical product liability for product defects and compliance with clinical trials and regulations.  

It also encompasses errors and omissions (E&O) coverage for financial losses due to errors, omissions or negligence, as well as premises liability for the safety of individuals on client properties.  

Cyber and tech E&O coverage is also available to protect against digital risks, and medical professional liability is offered for medical malpractice risks. 

The company said senior vice-president James Craig will lead the business, which is part of the Healthcare group in Excess & Surplus Lines.  

Craig said: “Munich Re Specialty’s new product offering is a direct response to what we have heard from our broker partners looking for smarter, more flexible coverages tailored to the realities of today’s medical and biotech advancements.” 

The life science team at MRS-NA will work with both wholesalers and retailers to provide primary and excess coverage across all 50 US states.  

The new division is backed by the financial stability of the Munich Re Group. 

MRS-NA Excess & Surplus Lines president Liz Kramer stated: “Our life science liability coverage is responsive to the real-world needs of these clients and is competitive in the marketplace.  

“Munich Re Specialty saw an opportunity to serve this vital niche as well as expand the capabilities of our healthcare portfolio.”  

In April, Munich Re Specialty divested GJW Direct, a boat insurance specialist, to Ripe, a UK-based insurtech company.