Meet Lee Farrow, EVP, Life Sciences Industry Practice Leader
Scientific breakthroughs happen every day, which means that the life sciences industry is one of constant growth and change.
To meet the unique and intricate insurance needs of life sciences organizations, Chubb has a dedicated Life Sciences Industry Practice, led by Lee Farrow.
Below, Lee discusses Chubb’s approach to serving life sciences customers, as well as how Chubb differentiates itself from its competitors in this area of the market.
Lightning Round
Years in the industry: 28
Years with Chubb: 21
Hometown: Highland Mills, NY
What he never leaves the house without: iPhone
The best advice he ever got: “Take ownership.”
Favorite travel destination: “It depends on my mood! Sometimes I want to go skiing, sometimes I want to sit on a beach.”
Get to know Lee
How did you get involved with the Life Sciences Industry Practice?
I went to law school, so my career trajectory has been a little surprising. My interest in life sciences was piqued in the late 90s when I was handling some litigation involving the regulatory approval process of a medical device. I found it really interesting, and in 2000, an opportunity arose to move to a position that allowed me to handle life sciences claims. From there, I moved to an underwriting role, which was a little nerve-wracking – I had gone to law school, am admitted in New York and New Jersey, and I was supposed to be a lawyer. But the more I broadened my horizons, the more I found I enjoyed the business side of the insurance industry. In 2002, I went to ACE to start the Life Sciences Practice, and in 2018 I became the leader of Chubb’s Life Sciences Industry Practice.
What is the Life Sciences Industry Practice’s top priority in 2023?
Leveraging our resources to proactively meet the challenges presented by the ever-changing life sciences industry. This industry sees growth year after year – new medical devices, new clinical trials, new vaccines. But with growth comes new exposures. We pride ourselves on being ready with products and solutions that meet the emerging needs of these companies as they pursue scientific breakthroughs. Now, we’re already very good at this. One example is how we were able to support clients working on a variety of products and treatments during the pandemic. That was an unprecedented situation, and we rose to the challenge.
What sets the Chubb Life Sciences Industry Practice apart?
Our expertise. The life sciences industry is a challenging space with a lot of unique exposures, so our team undergoes rigorous training to ensure our underwriters, risk engineers, claims, and global services professionals have the knowledge required to meet the needs of our clients. The North America Life Sciences Industry Practice covers small- and middle-market companies, large accounts, wholesale, and can write high excess liability through our Bermuda division. Our clients all have access to the vast resources available to our Industry Practice.
