US-based Berkshire Hathaway Specialty Insurance (BHSI) has unveiled plans to expand its underwriting services to life sciences industry.
BHSI will provide product liability risks for different life sciences, including medical devices, nutraceuticals, generic pharmaceuticals, compounding pharmacies, and clinical trials.
The company will offer capacity of up to $25m for many classes.
The new segment will be headed by John Parente, who worked as senior science advisor and chief innovation officer at Lexington Insurance Company.
Parente will carry out operations from BHSI’s Boston office.
BHSI casualty senior vice-president Mike Foley said the expansion into life sciences reflects firm’s strategy of pairing sound capacity with proven expertise to address the needs of the marketplace.
"With his extensive life sciences background and substantial technical underwriting experience, John is well equipped to lead our efforts in this dynamic industry segment," Foley added.
BHSI offers commercial property, casualty, healthcare professional liability, executive and professional lines insurance and programs for customers in the US.
The company, which underwrites on the paper of Berkshire Hathaway’s National Indemnity group of insurance companies, has regional underwriting offices in Atlanta, Chicago, Los Angeles and New York.
Image: BHSI is targeting life sciences product liability risks, including medical devices, nutraceuticals, generic pharmaceuticals, compounding pharmacies, and clinical trials. Photo: courtesy of ponsulak/ FreeDigitalPhotos.net.