Device/drug catastrophic liability insurance risk pool offered by Capital Risk Strategies.
This article was originally published in The Gray Sheet
Executive Summary
PRODUCT LIABILITY CATASTROPHIC CLAIM INSURANCE RISK POOL OF $4 BIL. is being offered by Capital Risk Strategies of New York City to the medical device and pharmaceutical industries as an addition to self-insuring. The idea behind the finite risk insurance is shared limits for product liability suits with long-term coverage of 10 years. Capital Risk is providing $1.6 bil. through the sale of future premium receivables as a structured finance vehicle in the capital markets. The remainder of the funding is being provided by reinsurers.
You may also be interested in...
Japan Grants Global-First Approval To Zolbetuximab, 15 Other New Drugs
Astellas's first-in class CLDN18.2-targeting antibody receives its first approval worldwide, while crovalimab and a number of drugs for rare diseases also receive nods from regulators and are now awaiting reimbursement price-listing.
Hanmi-OCI Merger Hits Wall As Brothers Win Shareholder Vote, Board Seats
The planned merger of Korea's Hanmi Pharm Group with OCI Group hits a major speed bump as the two sons of Hanmi's founder and other candidates recommended by them secture board seats. But it remains to be seen how the Lim brothers will fulfil their ambitious promises.
Beauty Firms Using AI-Based Tools Could Be Subject To Health Privacy Laws In US States
Using AI-based programs to collect and store consumer information risks running afoul of new health privacy laws cropping up in US states. Lack of federal regulation or guidance on the issue is one of the biggest challenges for beauty firms deploying AI, according to Stacy Marcus, partner at Reed Smith LLP.