NEW YORK--(BUSINESS WIRE)--The ACE Group of Companies announced today its support of H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA). The bill, which was introduced in the U.S. House of Representatives on Monday, extends the current Terrorism Risk Insurance Extension Act, which is set to expire December 31.
“We commend Chairman Frank, Subcommittee Chairman Kanjorski and Congressman Capuano for introducing legislation to extend the Terrorism Risk Insurance Extension Act. They and their staffs have worked diligently to draft legislation to continue the public-private partnership that has successfully increased the availability and affordability of terrorism coverage for American businesses,” said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Limited.
“Importantly, the legislation features a ten-year extension that will allow long-term economic development to occur without disruption to American businesses while providing time to develop a permanent solution to terrorism risk insurance. Equally important is the addition of coverage for acts of terrorism carried out by domestic entities, which, sadly, are a very real possibility.
“The legislation also addresses coverage for nuclear, biological, chemical and radiological (NBCR) acts of terrorism – risks that most studies have found uninsurable by the private marketplace and unlikely to be insurable in the foreseeable future. The bill requires insurers to make this coverage available, but provides greater federal protection for this historically uninsured exposure. The specific provisions regarding NBCR coverage under the program are critical for policyholders and insurers, and we intend to continue to work with Congressional Leadership on this area to insure that the legislation strikes a workable balance for all.
“In sum, we are encouraged with the level of commitment and thought that went into drafting this complex legislation, and we look forward to continuing to work toward passage of the extension, which is essential to the security and wellbeing of our nation's economy.”
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com.