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Daily Insurance Industry News
Friday 19th of January 2018
September 29, 2010

Willis launches Life Sciences Practice

by Gill Montia

Story link: Willis launches Life Sciences Practice

Willis Group is establishing a new business unit within Willis Global Markets International (GMI), which will insure companies involved in Life Sciences.

The broker has appointed Tom Teixeira as practice leader, effective immediately.

Based in London, Mr Teixeira will focus on major accounts outside the US, reporting to GMI managing director, Toby Wemyss.

According to Willis, Life Sciences industries are not only faced with the risks of globalisation, supply chain liability and litigious operating environments, but are also exposed to cash flow issues and emerging risks, such as healthcare reform and intellectual property theft.

Furthermore, Mr Teixeira explains that in the past, Life Sciences companies did everything in-house but that the sector is now moving towards a more collective approach and transferring processes to specialist firms.

He comments: “This development exposes pharmaceutical and chemical companies to a whole new sphere of risk and our goal is to get ahead of the market and provide an integrated service proposition coupled with innovative products that will respond to the needs of the new Life Sciences business model.”

Mr Teixeira has previously provided risk advisory services to senior management at FTSE100 and Fortune 500 companies with a focus on the life sciences, mining, aerospace and defence.

 

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