LONDON--(BUSINESS WIRE)--ACE Bermuda International (ACE) (NYSE:ACE) has today announced the launch of a new primary Warranty and Indemnity (W&I) insurance policy, designed to provide protection against financial losses arising from breaches of warranties and/or indemnities contained within a sale & purchase agreement.
The W&I policy is available to both buyers and sellers to insure a party’s liability or loss with respect to the breach of a wide range of warranties, including those relating to ownership, intellectual property, audited accounts, contracts, employee matters, compliance and litigation. ACE’s policy also covers liabilities arising from an associated tax deed and provides protection in the event that reserves established for the payment of taxes due through the effective date of the transaction are inadequate.
ACE has successfully written W&I insurance since 2005, and benefits from an underwriting expertise going back over 25 years. The new primary W&I insurance policy is available to UK domiciled companies and can be tailored for large, complex acquisitions or is equally suitable for smaller transactions.
Commenting on the launch Charles Davidson, Underwriting Manager, Professional Lines, ACE Bermuda International, said: “Buying or selling a company can be extremely risky, and W&I insurance is becoming increasingly recognised as a mainstream and highly effective corporate finance tool in merger and acquisition negotiations helping to mitigate transactional risks.”
Anup Seth, Managing Director, ACE Bermuda International, said: “We offer a valuable combination of highly experienced underwriting, quality service, substantial capacity and financial strength ratings of A+ from both S&P and AM Best. These are critical factors in providing peace of mind for our clients in this ‘long tail’ class of business where policy periods can be up to six years or more.”
Notes to Editors:
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 with financial strength ratings of A+ from both S&P and AM Best. Additional information can be found atwww.acebermudainternational.com
For further information about ACE Bermuda International’s W&I policy, please contact your broker or:
ACE Bermuda International
The ACE Building
100 Leadenhall Street
London EC3A 3BP
+44 (0)20 7173 7623
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.