DUBLIN, Ireland--(BUSINESS WIRE)--ACE Europe (ACE)(NYSE:ACE) has today announced the launch of its new Pension Trustee Liability (PTL) product ‘ACE Elite PTL IV’ which has been developed to provide comprehensive protection for Pension Trustees, Pensions Schemes and Employers in the Republic of Ireland.
The enhanced PTL product provides the most extensive cover available in the market 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 also 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.
Damien Toal, ACE’s Financial Lines Manager for Ireland, said: “Providing trustees with the most comprehensive range of cover available in the market is at the heart of this new product. ACE Elite PTL IVhas been developed with the changing regulatory environment in mind and we have continued to enhance our PTL insurance to reflect the increasingly complex responsibilities and risks trustees face in Ireland. Now pension trustees can take greater control over the protection of their personal assets.”
Notes to Editors
Other elements of ACE ELITE PTL IV cover include errors and omissions, civil fines and penalties, ombudsman complaints, defence costs, employer indemnities, exonerated losses and retirement cover.
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), 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