|[April 25, 2014]
ACE Expands Global Directors & Officers Coverage Through Lloyd's Syndicate
PHILADELPHIA --(Business Wire)--
ACE Group today launched ACE 2488 Global D&OTM, an
enhanced global Directors & Officers (D&O) liability insurance
proposition for multinational organizations. Adding Lloyd's coverage
through ACE Syndicate 2488 to its existing suite of D&O products enables
ACE to provide broadened protection in many additional jurisdictions
where the management team or board resides. This capability, which
allows ACE to issue policies on behalf of ACE's Syndicate 2488 at
Lloyd's directly in the U.S. and Bermuda, significantly mitigates the
need to manage multiple global policies.
ACE 2488 Global D&O complements ACE's existing suite of products,
providing organizations with numerous options for placing multinational
D&O programs, and offering consistent, knowledgeable coverage,
regardless of location. Clients can capitalize on ACE's global presence
of ACE-owned offices in 54 countries, rely upon ACE's expertise in
coordinating local policies around the world, and access ACE's Syndicate
2488 for a single policy covering risk throughout Lloyd's broad license
network. ACE's extensive suite of management liability products gives
risk managers the extensive choice they need to effectively manage their
exposures and comprehensively protect their directors and officers.
"ACE's breadth of products, depth of expertise and appetite for risk
make us a valuedpartner for multinational organizations. Adding the
capabilities of the ACE Syndicate 2488 at Lloyd's to our global D&O
offering now allows us to offer admitted primary and excess D&O coverage
across an expanded network of countries, including territories covered
by Lloyd's global network of offices as well as those covered by ACE's
own licenses," said Matthew Shaw, Division President, ACE Global Markets.
"This move facilitates access to our robust D&O product portfolio, at a
time when organizations need a flexible, financially strong insurer more
than ever," stated Scott A. Meyer, Division President, Professional
Lines, ACE USA. "We're offering organizations extensive choice in how
they control their management liability risk as they expand their
operations around the world. To further enhance this new proposition,
ACE secured service company coverholder status with Lloyd's, giving ACE
binding authority to issue policies on behalf of ACE's Syndicate 2488 at
Lloyd's directly in the U.S. and Bermuda."
"Securing coverholder status for the ACE Syndicate 2488 at Lloyd's gives
our underwriters unprecedented ability to efficiently handle clients'
multinational coverage requirements," added Jeffrey Jabon, Senior Vice
President, Professional Lines, ACE Bermuda. "Clients and their brokers
now have easier access to coverage placement and policy administration,
relying on their local underwriter as the single point of contact."
ACE has a long and respected history in the management liability
business; their CODA Premier® policy has been the market
standard for almost 30 years. Adding the Lloyd's platform to an already
comprehensive offering provides brokers with a broad solution for
clients with large, complex and multinational management liability risks.
Product highlights are summaries only; please see the actual policy for
terms and conditions. Product offerings may vary by ACE location.
ACE Group is one of the world's largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident supplemental
health insurance, reinsurance, and life insurance to a diverse group of
clients. ACE Limited, the parent company of ACE Group, is listed on the
New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500
index. Additional information can be found at www.acegroup.com.
[ Back To Technology News's Homepage ]