Specialist cover for a pharmaceutical company
The policyholder is a pharmaceutical company, established in 1995, they have a range of oncology products both in development and also on the market. Based in the United Kingdom the company had built up a strong client base including NHS and a number of overseas contracts.
The company planned to begin recruiting for a UK clinical trial during the policy period, and the research and development of the new products was funded from existing product sales and third party investment. The products were also manufactured by a third party company in Swansea and then stored and distributed to customers by a specialist distribution company. 38% of the income is generated from sales in the US.
As with all the risks that we review, we underwrite the policyholder as much as the product itself. In this sector we are used to seeing new and challenging technologies so we find comfort in understanding how potential clients manage the associated risks.