Underwriter wants bigger market share
CFC is to launch into the life sciences market, targeting research and development (R&D) companies.
The underwriting firm wants between 10% and 25% share of the £200m gross written premium market in R&D.
CFC, which launched in 2000, has a main line of business in cyber liability, backed by capacity providers from 16 Lloyd’s syndicates. Around half these have backed the venture into life sciences, a sector centred on drug and technological development for medicine.
Business development director Graeme Newman said CFC would focus on start-ups, many of which are backed by venture capital money. It will offer a range of cover including property damage right through the supply chain, business interruption, and liability.