LONDON--(BUSINESS WIRE)--ACE European Group (ACE) (NYSE:ACE) and The Occupational Pensions Defence Union (OPDU) have today announced the launch of a new comprehensive Pension Trustee Liability (PTL) product ‘ACE OPDU Elite’ - which includes access to a range of specialist support services provided by OPDU.
The enhanced PTL product provides the most extensive cover available in the market designed to protect pension scheme assets and the personal liabilities of trustees. The product combines the best features of the cover previously provided by ACE and OPDU and introduces important enhancements of cover for costs incurred in taking action to prevent, limit or mitigate exposure to potential claims; extradition proceedings against trustees; court applications; investigatory and prosecution costs. In addition, there is new cover for public relations expenses to limit the damage of negative publicity on a fund’s reputation.
The product also provides access to OPDU’s specialist services which include a professional claims handling service provided by a team of in-house lawyers who deal with claims in a sympathetic manner. OPDU also provides advisory and risk management services including a confidential advice line for trustees and administrators.
Jonathan Bull, Executive Director of OPDU, said: “OPDU and ACE share a commitment to delivering the best possible support and protection to those involved in the administration of pension schemes. The development of this superior product further underlines the reputation of both organisations for their continuing innovation and improvements in cover and services provided in this field.”
Emma Watkins, PTL specialist and Product Manager at ACE, said: “Providing trustees with the most comprehensive range of cover and support available in the market is at the heart of this new product.
“We have continued to enhance our PTL insurance to reflect the increasingly complex responsibilities and risks trustees face. Now, with the addition of a range of expert advisory services, trustees can take greater control over the protection of their personal assets.”
Notes to editors:
Other elements of ACE OPDU PTL cover include errors and omissions, civil fines and penalties, ombudsman complaints, defence costs, employer indemnities, exonerated losses and retirement cover.
The Occupational Pensions Defence Union Limited
The OPDU protects pension funds by providing unique insurance cover to trustees, administrators and sponsoring employers. Pension funds holding total combined assets in excess of £115 billion have joined OPDU. The membership ranges from large funds to small funds.
The OPDU is now in its tenth year with last year having produced a record increase in the number of members.
OPDU is managed by Thomas Miller & Co. Ltd, the world's leading independent manager of mutual insurance companies, including schemes for professionals such as barristers, solicitors and patent agents.
More information on the OPDU and the services on offer can be found at www.opdu.com
ACE European Group has established branch offices in 19 countries across Europe, Freedom of Services permission to provide insurance services to clients in 30 European countries and affiliates in Egypt, Bahrain, Pakistan, Russia and South Africa.
Part of the ACE Group of Companies, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
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