News Releases

ACE Bermuda International to Issue CODA Policies at Inception; New CODA Product Provides Enhanced Personal Asset Protection
Jun 20, 2008

LONDON--(BUSINESS WIRE)--ACE Bermuda International (NYSE:ACE) today announced that effective July 1, 2008 all CODA policies will be issued at inception. The company also announced the launch of its new 2008 CODA policy aimed at the UK business market, featuring enhanced personal asset protection for directors and officers.

ACE Bermuda International, through its CODA brand, is one of the leading providers of quality directors and officers insurance protecting the personal assets of individual directors and officers. ACE Bermuda International has financial strength ratings of A+ from both A.M. Best and Standard & Poors, and offers clients up to £25 million of CODA capacity. All CODA products are backed by decades of specialized experience in handling complex and high-profile Side-A claims.

Charles Davidson, Professional Lines Manager, ACE Bermuda International, commented, The new 2008 CODA policy responds to the increasing exposures faced by directors and executive officers of UK corporations under the UK Companies Act 2006 by ensuring that their personal assets are adequately protected. Mr. Davidson continued Our commitment to issuing policies at inception is a significant differentiator in the D&O market and tangibly demonstrates our commitment to contract certainty.

Enhancements* to the 2008 CODA policy include:

  • Protection against payment delays  the policy can drop down and provide primary coverage where an underlying insurer fails to pay a loss within 60 days;
  • Broader coverage for legal costs;
  • Personal conduct exclusions significantly narrowed;
  • Blanket outside board coverage for the main board; and
  • Automatic extradition costs coverage with no sub-limit.

Anup Seth, Managing Director of ACE Bermuda International, said, CODA has a proven track record of responding to clients needs with new and enhanced products. Together with our unparalleled Side-A claims-handling expertise, our new 2008 CODA policy will offer invaluable and unprecedented personal asset protection for directors and officers.

*Enhancements shown above are summaries only; please ask your broker for a copy of the new 2008 CODA policy form for details of all policy enhancements, terms and conditions.

ACE Bermuda International is the registered trading name of ACE Bermuda International Reinsurance (Ireland) Limited and its wholly owned subsidiary, ACE Bermuda International Insurance (Ireland) Limited, both of which are regulated by the Irish Financial Regulator. ACE Bermuda International is a subsidiary of ACE Bermuda Insurance Ltd. (ACE Bermuda), and is one of the leading providers of high excess commercial property and casualty insurance and reinsurance. ACE Bermuda International operates through its headquarters in Dublin and branch office in London, and follows the same low frequency, high severity business model as ACE Bermuda with a focus on large European and other non-US corporations. Additional information can be found


Katie Weeks
Communications Manager
+44 (0) 20 7017 7585