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May 15, 2019

Sompo creates new division to target life sciences industry

Sompo Global Risk Solutions (GRS) has established a new team to offer insurance solutions to clients in the life sciences industry.

The new division comprises underwriting, risk control and claims professionals with experience in managing risk in the life sciences industry, the company said.

Sompo life sciences team

The life sciences team will offer buyers products from the company’s property/casualty range, including product liability, clinical trial liability, property, auto, workers’ compensation, environmental, and product-related errors and omission cover.

It will target contract research organisations, clinical trials, and medical device, pharmaceutical and biotechnology companies.

Sompo Global Risk Solutions CEO Michael Chang said: “The launch of our new team focused on the life sciences industry builds on our extensive experience serving clients in select industry vertical markets.

“We are extremely pleased to welcome Todd to lead our Life Sciences team which has the deep industry knowledge and technical expertise necessary to service the specialized insurance needs of clients in this dynamic sector.”

The new division will be led by the company’s newly appointed senior vice president Todd Lauer.

Lauer has more two decades of experience in life sciences underwriting. He previously held leadership roles at OneBeacon, Chubb and CNA.

He will report Chang and will be based in the company’s Chicago office.

Sompo GRS works offers wide-ranging multi-line capabilities targeted to accounts in select industry verticals through a network of retail brokers.

The addition of life sciences industry complements its current focus on real estate, hospitality, financial institutions and professional services.

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