PHILADELPHIA--(BUSINESS WIRE)--ACE Group today launched ACE 2488 Global D&OTM, an enhanced global Directors & Officers (D&O) liability insurance proposition for multinational organizations. Adding Lloyd’s coverage through ACE Syndicate 2488 to its existing suite of D&O products enables ACE to provide broadened protection in many additional jurisdictions where the management team or board resides. This capability, which allows ACE to issue policies on behalf of ACE’s Syndicate 2488 at Lloyd’s directly in the U.S. and Bermuda, significantly mitigates the need to manage multiple global policies.
ACE 2488 Global D&O complements ACE’s existing suite of products, providing organizations with numerous options for placing multinational D&O programs, and offering consistent, knowledgeable coverage, regardless of location. Clients can capitalize on ACE’s global presence of ACE-owned offices in 54 countries, rely upon ACE’s expertise in coordinating local policies around the world, and access ACE’s Syndicate 2488 for a single policy covering risk throughout Lloyd’s broad license network. ACE’s extensive suite of management liability products gives risk managers the extensive choice they need to effectively manage their exposures and comprehensively protect their directors and officers.
“ACE’s breadth of products, depth of expertise and appetite for risk make us a valued partner for multinational organizations. Adding the capabilities of the ACE Syndicate 2488 at Lloyd’s to our global D&O offering now allows us to offer admitted primary and excess D&O coverage across an expanded network of countries, including territories covered by Lloyd’s global network of offices as well as those covered by ACE’s own licenses,” said Matthew Shaw, Division President, ACE Global Markets.
“This move facilitates access to our robust D&O product portfolio, at a time when organizations need a flexible, financially strong insurer more than ever,” stated Scott A. Meyer, Division President, Professional Lines, ACE USA. “We’re offering organizations extensive choice in how they control their management liability risk as they expand their operations around the world. To further enhance this new proposition, ACE secured service company coverholder status with Lloyd’s, giving ACE binding authority to issue policies on behalf of ACE’s Syndicate 2488 at Lloyd’s directly in the U.S. and Bermuda.”
“Securing coverholder status for the ACE Syndicate 2488 at Lloyd’s gives our underwriters unprecedented ability to efficiently handle clients’ multinational coverage requirements,” added Jeffrey Jabon, Senior Vice President, Professional Lines, ACE Bermuda. “Clients and their brokers now have easier access to coverage placement and policy administration, relying on their local underwriter as the single point of contact.”
ACE has a long and respected history in the management liability business; their CODA Premier® policy has been the market standard for almost 30 years. Adding the Lloyd’s platform to an already comprehensive offering provides brokers with a broad solution for clients with large, complex and multinational management liability risks.
Product highlights are summaries only; please see the actual policy for terms and conditions. Product offerings may vary by ACE location.
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at www.acegroup.com.
Contact:
ACE North America Communications
Carla Ferrara, 215-640-4744
carla.ferrara@acegroup.com