Sompo Global Risk Solutions (GRS), a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, has formed a new team offering insurance solutions to clients in the life sciences industry.
The team will be led by newly appointed Senior Vice President (SVP) Todd Lauer, and is comprised of dedicated underwriting, risk control and claims professionals with experience managing risk in the life sciences industry.
Sompo GRS Life Sciences offers a range of primary P&C products, including product liability, clinical trial liability, property, auto, workers’ compensation, environmental and products related E&O coverage for contract research organisations, clinical trials, and medical device, pharmaceutical and biotechnology companies.
It will target small and middle market life sciences organisations, including manufacturers, contract manufacturers and service organisations, laboratories, research and development facilities, and clinical monitoring and site management firms.
Lauer, who will head up the team, recently served as SVP of MedTech and Life Sciences for OneBeacon Technology Insurance, where he led a team of actuarial, claims, finance, legal, risk control, support and underwriting professionals focused on the sector.
He has 20 years’ experience in life sciences insurance and has previously worked as Life Sciences Underwriting Director for CNA Insurance and Life Sciences Specialist and Underwriting Officer for Chubb, responsible for the company’s life science insurance programs across the midwestern U.S.
“The launch of our new team focused on the life sciences industry builds on our extensive experience serving clients in select industry vertical markets,” said Michael Chang, CEO of Sompo Global Risk Solutions.
“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,” he added.
Sompo GRS explained that the addition of the life sciences team will complement its current focus on real estate, hospitality, financial institutions and professional services, which it offers through a network of retail brokers.