Wells Fargo Insurance Launches New Financial Protection Products for Intellectual Property
World's 5thlargest broker introduces two new products to help protect revenues or royalties from intellectual property challenges
CHICAGO--(BUSINESS WIRE)-- Wells Fargo Insurance, part of Wells Fargo & Company (NYS: WFC) , announced today the launch of revENSURESM and ANDAfendSM insurance products: two new strategic solutions from its Professional Risk Group, Intellectual Property Risk Mitigation Practice (IPRMP).
"Both products were designed to protect a company's expected revenues from legal challenges to the intellectual property supporting its sales or licensing," said Chris Sclimenti, Ph.D., national practice leader for IPRMP.
The new insurance products are cost-effective solutions that provide indemnification for a company's actual revenue shortfall and serve as a hedge against unfavorable market coverage from intellectual property litigation that may affect profits:
revENSURE insurance can indemnify a company for a shortfall in revenue if the intellectual property rights that support its sales (or licensing) are adversely affected.
ANDAfend insurance is designed specifically to cover drug products and provide indemnification for a shortfall in a company's drug sales (or licensing) as a result of a successful paragraph IV challenge.
"At Wells Fargo Insurance, our vision is to help our customers succeed financially by protecting what they value most," said Simon Hodge, head of the Professional Risk Group. "revENSURE and ANDAfend are the latest examples of how we help protect revenue relative to our customers' product innovations."
revENSURE and ANDAfend are Wells Fargo Insurance proprietary solutions and are underwritten by a dedicated facility at Lloyd's of London. For more information, visit https://wfis.wellsfargo.com/intellectualproperty.
About Wells Fargo Insurance
Wells Fargo Insurance's Professional Risk Group includes teams of technical experts in multiple areas including Crime, Employment Practices Liability, Fiduciary Liability, Intellectual Property Risk Mitigation, Private Company Management Liability, Professional Liability, Public Company Directors & Officers Liability, Transaction Liability as well as Technology, Privacy and Network Risk.
Wells Fargo Insurance1 is the fifth largest insurance broker in the world (Business Insurance, 2013). With 127 offices in 37 states, Wells Fargo Insurance provides solutions for a wide range of customers, including retail consumers, high net worth individuals, small businesses, as well as middle market and large corporate customers. The 7,000 insurance professionals of Wells Fargo Insurance write or place $15 billion of risk premiums annually in property, casualty, benefits, international, personal lines, and life products and also includes the nation's largest crop insurance provider, Rural Community Insurance Services (RCIS).
About Wells Fargo & Company
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
1Ranking includes Wells Fargo Insurance Services USA, Inc., Wells Fargo Insurance Services of West Virginia, Inc., Wells Fargo Insurance, Inc., and Rural Community Insurance Company
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