Verist Targets Life Sciences with Specialized Insurance Solutions

NEW YORK, NY – December 17, 2025 – Verist Inc., a managing general underwriter (MGU) specializing in commercial business risks, has officially launched a new suite of insurance and risk management solutions tailored for the U.S. life sciences sector. The move marks a significant strategic expansion for the company, deepening its specialty focus to serve the complex needs of middle market and large account businesses in one of the world's most innovative and high-stakes industries.

This entry comes at a time when the life sciences field—encompassing pharmaceuticals, biotechnology, medical devices, and more—is experiencing rapid growth alongside an increasingly complex risk landscape. Verist's new offering aims to address these challenges with comprehensive coverage and a service model designed to function as a strategic partnership rather than a simple insurance policy.

A Strategic Move into a High-Growth Market

Verist's expansion into life sciences is a calculated response to powerful market dynamics. The global life sciences insurance market, valued at over $11.5 billion in 2022, is on a steep growth trajectory, with projections estimating it will surpass $24 billion by 2032, driven by a compound annual growth rate of nearly 8%. This growth is fueled by relentless innovation in areas like gene therapy, personalized medicine, and AI-driven drug discovery, coupled with a stringent and ever-evolving regulatory environment.

For companies operating in this space, the risks are as unique as their innovations. Product liability for a novel biologic, for instance, carries vastly different implications than for a standard manufactured good. Clinical trial failures, intellectual property disputes, and complex supply chain vulnerabilities create a web of exposures that generic insurance policies often fail to adequately address. This has created a significant demand for insurers who can provide not just capital for losses, but also deep, sector-specific expertise to help prevent them. Verist is positioning itself to fill this need, joining established players like Chubb, Travelers, and Markel in a competitive but expanding field.

Beyond the Policy: A 'White Glove' Approach

At the core of Verist's strategy is a promise to deliver more than just insurance coverage. The company is promoting a “white glove service model” and a holistic approach to risk management. This model is built on providing clients with dedicated underwriting teams who possess deep industry knowledge, ensuring that policies are not off-the-shelf products but are meticulously crafted to the specific risk profile of each organization.

The new solutions will provide coverage across essential lines of business, including product liability, property, general liability, workers’ compensation, auto, and umbrella/excess liability. The targeted clientele is broad, spanning Contract Manufacturing Organizations (CMOs), Contract Research Organizations (CROs), and companies specializing in pharmaceuticals, biologics, dietary supplements, and medical devices.

“We are thrilled to enter this key industry segment and energized by the new capabilities and solutions we will provide to life sciences clients,” said Michael Chang, CEO of Verist, in the company's announcement. Chang emphasized that a wide range of specialties within the life sciences space “will all benefit from the expertise, dedication to excellence and passion of our team to create long lasting relationships based on our innovative approach to risk management insurance solutions.”

This innovative approach includes a focus on safety, mitigation, and resiliency planning. Verist intends to use industry benchmarks and proprietary best practices to offer clients actionable data and strategic insights, helping them fortify their operations against potential threats before they materialize. This consultative method aligns with a growing demand from sophisticated clients who seek proactive risk partners, not just reactive claims payers.

The Leadership and Expertise Driving the Initiative

The credibility of any specialized venture rests heavily on the expertise of its leadership. To spearhead this new division, Verist has appointed Jide Osifekun as Executive Vice President and Head of Life Sciences. Osifekun brings extensive and highly relevant experience to the role, having previously held senior positions focused on the life sciences sector at insurance giants like AIG and Chubb. His background in underwriting complex risks for pharmaceutical, biotech, and medical device companies provides Verist with the seasoned leadership required to navigate this intricate market.

Mr. Osifekun expressed his commitment to a partnership-driven model. “Verist’s products are carefully curated by a team of dedicated insurance professionals, widely recognized for their expertise in the life sciences space,” he stated. “Our passion is to work with clients and deliver more than just comprehensive insurance coverage; Verist’s mission is to help life sciences firms accomplish their objectives through strategic insight, actionable data and unique value-added services.”

Further bolstering Verist's capabilities is its relationship with its parent company, United Risk Global. As an independently operated platform affiliated with Applied Underwriters, United Risk Global provides Verist with significant operational support and financial resources. This backing gives the MGU the scale and stability needed to underwrite substantial risks and invest in the technology and talent required to deliver on its high-service promises.

As Verist steps into this dynamic arena, its success will likely be measured by its ability to execute on this vision of deep specialization and partnership. For life sciences firms navigating a landscape of unprecedented opportunity and parallel risk, the emergence of another expert risk advisor is a welcome development, reflecting the maturation of an industry that increasingly demands sophisticated and collaborative solutions to protect its future.