News Releases

ACE USA Launches Legacy Liability(SM) Insurance Coverage to Respond to Unique Needs of Existing and Potential ACE Clients
Apr 23, 2007

PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, today announced the launch of the ACE USA Legacy LiabilitySM product, which offers coverage for transactions related to mergers & acquisition activity or historic and future liability issues of insureds.

The ACE USA Legacy Liability product offers primary and excess limits of liability available, with minimum account premiums starting at $25,000. Coverage is customized to exposures including, but not limited to: Mergers & acquisition liabilities (including successor liabilities); Isolated liability exposures (discontinued products/services coverage or laser coverage for specific products/services); Liability trigger conversion (claims made to occurrence coverage); and, Retroactive limits of liability (adding limits to past policies, replacing coverage for insolvent insurance carriers). This product is targeted to organizations as they navigate the merger & acquisition or divestiture transaction process.

As organizations move through the sometimes confusing mergers & acquisitions transaction process or face unresolved liability program issues (past or present), they need an insurance company who has the depth of underwriting expertise and breadth of products to provide them with creative and customized solutions. As a leader in providing risk management solutions to meet the evolving needs of our clients, we are pleased to offer this coverage to address these unique risks, said Mitchell Schmidt, Senior Vice President, ACE Custom Casualty. The recent launch of the ACE USA Mergers & Acquisitions Industry Practice further complements our ability to provide synchronized and customized products and services to our clients.

Product Highlights:

Key features of ACE USAs Legacy Liability Insurance Coverage:*

  • Flexible coverage timeframes granted via usage of injury period and claim reporting period policy language
  • Single aggregate limit provided over the entire policy period (up to 5-year policy periods entertained)
  • Coverage can be tailored to protect for not only future events from past operations, but also future claims from past events
  • Program structure options include guaranteed cost, deductibles and self-insured retention
  • Coverage forms available include: ACE-developed primary commercial general liability (CGL); primary monoline products and completed operations; and excess liability
  • Policy is non-cancelable once bound
  • Broad class of business underwriting appetite

The Legacy Liability Insurance Coverage product is underwritten by the ACE Custom Casualty unit, part of ACE USAs Casualty Risk division. For more information or to submit an account, contact Mitchell Schmidt at (215) 640-1816 or Mitchell.Schmidt@ace-ina.com.

ACE Casualty Risk, a division of ACE USA, specializes in lead umbrella and excess liability, custom primary casualty, construction, environmental liability, public entity, and middle market workers compensation insurance products and services, which are primarily distributed through the retail brokerage community to the commercial market.

*Product highlights are summaries only; please see actual policy for terms and conditions. Products may not be available in all states. Surplus lines products are available only through licensed surplus lines brokers. To review additional product features and check submission requirements, or for more information about ACE Casualty Risk and its range of products and services, please visit www.ace-ina.com.

ACE USA is the U.S.-based retail operating division of the ACE Group of Companies, headed by ACE Limited (NYSE:ACE), and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poors. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.

 

Contact:

ACE INA Communications
Media:
Carla Ferrara, 215-640-4744
carla.ferrara@ace-ina.com


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