Chicago-based insurer Ryan Specialty Group (RSG) has launched LifeScienceRisk, a new managing general underwriter specializing in generic pharmaceuticals, medical devices and nutritional supplements.
RSG said that insurance products include commercial general liability or mono-line products liability for manufacturers, contract manufacturers, repackers and distributors of life science related products.
Available on a non-admitted basis in all states other than Delaware and Rhode Island, the program is underwritten by Catlin Specialty Insurance, according to the RSG.
LifeScienceRisk chief underwriting officer Chuck Seymour said appointed producers and wholesalers now have access to a single source for both primary and excess insurance across the targeted segments of generic pharmaceuticals, medical devices and nutritional supplements. This will accelerate the underwriting decision process considerably.
RSG chairman and CEO Patrick Ryan said LifeScienceRisk offers producers and wholesalers a new and unique distribution channel, which optimizes response time and profitability for its production sources.