Medmarc Insurance Group (Medmarc), a subsidiary of ProAssurance Corporation and Pharmacists Mutual Group (Pharmacists Mutual) announced a strategic alliance to package industry-specific insurance coverages to the life sciences companies.
Image: Medmarc Insurance Group and Pharmacists Mutual form strategic alliance. Photo: Courtesy of Louis Reed/Unsplash.
Insurance brokers who place their medical technology clients with Medmarc will now have access to Pharmacists Mutual for property, general liability, commercial auto, workers compensation, umbrella and employment practices liability policies through Hamilton Resources Corporation, Medmarc’s in-house insurance agency.
Ned Rand, President, Chief Operating Officer of ProAssurance and President of Medmarc stated, “We are thrilled to enter into this relationship with Pharmacists Mutual. Medmarc has focused for 40 years on providing products liability and manufacturers E&O insurance products and services to medical technology companies, and it is important for us to be aligned with a well-respected carrier such as Pharmacists Mutual to offer our brokers and insureds competitive commercial insurance products tailored to the life sciences industry.”
Ed Yorty, Pharmacists Mutual President and Chief Executive Officer stated, “We are very pleased to be celebrating Medmarc’s 40th Anniversary with the joint announcement of our alliance to provide a wide range of insurance products to Medmarc’s insureds. Pharmacists Mutual was founded over 100 years ago to offer insurance protection to members of the Iowa Pharmacy Association. We have since grown to become a leading national insurer dedicated to serving the needs of our members in selected healthcare markets. We look forward to providing Medmarc’s distribution partners and insureds with the same level of service and dedication they have come to expect from with Medmarc.”
“Both Medmarc and Pharmacists Mutual have long histories of creating insurance products and services that meet the unique needs of healthcare innovators and professionals dedicated to saving lives and improving the quality of life in local communities and around the world,” said Karen Murphy, the Executive Vice-President of Medmarc and Head of Life Sciences for ProAssurance. “Through our new alliance, we will offer a broad array of tailored insurance coverages supported by dedicated teams of underwriting, claims, and risk management professionals—providing innovative companies with innovative solutions.”
Source: Company Press Release