(Bloomberg) -- Munich Re and Marsh & McLennan Cos., the largest insurancebroker by market value, introduced a product to insure U.S.pharmaceutical companies against regulatory actions that couldcause them to suspend manufacturing.
The product would cover as much as $10 million in non- damagebusiness-interruption costs tied to violations of federalmanufacturing standards, Munich Re said Wednesday in a statement.The Munich-based company is the world’s biggest reinsurer.
“The question is always, ‘Where do you find kind of the nextblockbuster?’” Claudia Hasse, head of special enterprise risks forMunich Re, said in a phone interview. “We saw that this is really ahuge danger for pharmaceutical companies.”
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