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DUBLIN--(BUSINESS WIRE)--ACE Bermuda International (ABI) today launched a Corporate Officers & Directors Assurance (CODA) executive liability insurance policy in the Netherlands. The CODA policy form has been protecting the personal assets of directors and officers (D&O) since its introduction in 1986. CODA provides premier insurance cover for executive risks when a company fails or is otherwise unable to protect that individual. ABI launched CODA in the UK in November 2006 and the demand for CODA and similar products continues to grow dramatically amongst the boards and senior executives of FTSE 350 companies.

The Netherlands has knowledgeable D&O insurance purchasers who recognise the need for specialised protection for directors and officers who are increasingly exposed to allegations of mismanagement and claims for breaches of the Dutch Civil Code. Consequently, ACE Bermuda International is now offering CODA coverage to directors and officers of Dutch companies with a particular focus on the AMX and AEX index companies.

Key features of the CODA policy include: primary or excess coverage that provides extremely broad personal asset protection (Side A coverage) compared to traditional D&O policies; dedicated limits of liability of up to €25m for directors and officers that cannot be eroded by claims against the company; and difference-in-conditions “drop down” coverage in the event that either an underlying insurer is unable or is unwilling to pay a covered claim or where an underlying insurer’s policy is more restrictive than the CODA cover.

Commenting on the launch of CODA in the Netherlands, Anup Seth, Managing Director, ACE Bermuda International, said: “There is a significant need for CODA in the Netherlands as we believe that directors and officers of Dutch companies are challenged with increasing regulatory and litigation risks. This launch demonstrates ACE Bermuda International’s ongoing commitment to innovation, thought leadership and the provision of coverage that reflects current challenges and client needs in the Netherlands.”

“We are delighted to extend our tested and proven CODA benefits to directors and officers of Dutch companies in this milestone year as we celebrate CODA’s 25th anniversary” said David Gutteridge, Professional Lines Manager for ACE Bermuda International. All CODA policies are backed by ACE's recognised financial, strength recently upgraded to AA- by S&P. CODA has 25 years of unmatched experience in managing complex and high profile Side A claims and a demonstrated commitment to high quality service and contract certainty with policies issued at inception.

ENDS

Notes to Editors

CODA

The CODA (Corporate Officers and Directors Assurance) 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 Insurance Ltd. (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 Insurance (Ireland) Limited, which is regulated by the Central Bank of Ireland. 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 at www.acebermudainternational.com

About ACE

The ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, 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