MANCHESTER, U.K.--(BUSINESS WIRE)--Today at the AIRMIC Conference, ACE Bermuda International (ACE) announced enhancements to its CODA product which provides personal asset protection for directors & officers in the UK.
CODA provides the broadest possible coverage for directors and officers where they cannot be indemnified by their companies, or when traditional insurance programmes fail to respond to their needs. CODA is a ‘Side A’ cover designed to sit as an excess layer above traditional directors & officers programmes.
The main enhancements to the CODA product include:
The benefits of the CODA policy are paid directly to the individuals rather than the company in the event of a claim. The CODA policy can be purchased either separately or as part of a package providing flexibility to tailor programmes to meet individual needs. All CODA policies are issued at inception to provide individuals with contract certainty.
Charles Davidson, Underwriting Manager, Professional Lines, ACE Bermuda International, said: “CODA offers individual company directors and officers some of the broadest and most responsive levels of personal asset protection available. These enhancements, backed by ACE’s financial strength and security, ensure CODA remains the first choice of directors wanting the best possible coverage.”
Commenting on the announcement, Anup Seth, Managing Director, ACE Bermuda International, said: “The level of responsibility placed on individual directors has not abated and so appropriate personal asset protection is an important issue. We are able to focus our underwriting expertise and extensive claims experience in this class of business to provide the ultimate protection for UK directors and officers. These enhancements to the CODA product are further evidence of our commitment to maintaining a lead presence in this important and growing market.”
Notes to Editors
The CODA policy is designed to give comprehensive financial protection to directors and officers when their company fails to indemnify them or when traditional insurance programmes fail to respond. The original CODA policy is offered by ACE Bermuda to a broad range of directors and officers of Fortune 1000 corporations, and is widely recognised as the premier provider of excess/difference-in-conditions insurance in the US marketplace. In 2006, ACE Bermuda International, a subsidiary of ACE Bermuda expanded the CODA brand and launched a CODA product designed specifically for the UK market.
ACE Bermuda International
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 atwww.acebermudainternational.com
Celebrating 25 years of insuring progress, the ACE Group 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 and commercial and individual customers in more than 170 countries. Additional information can be found at: www.acegroup.com