Growth in biotechnology and other life sciences industries is spurring initial public offerings and merger and acquisition activity that expands companies' risk exposure, insurance executives said.
Their views were aired last week when Willis North America, a unit of London-headquartered insurance brokerage firm Willis Group Holdings, sponsored a Web seminar examining the insurance needs such corporations should consider to protect their growing assets.
Mary Beth Borgwing, senior vice president, life sciences practice leader in New York for Willis North America, noted that the life sciences industry, which covers a range of disciplines involving pharmaceuticals, biomedical and biotechnology applications, is experiencing tremendous growth at this time. She cited an Ernst & Young report that feels the segment will be a $100 billion industry before the end of the decade.
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