LONDON--(BUSINESS WIRE)--
ACE Group today launched its enhanced Elite D&O cover for both large
private and listed companies in its UK and Ireland region.
Simon Million, UK & Ireland D&O Manager, ACE (Photo: Business Wire)
Responding to market developments and feedback from ACE’s broker panel,
the Elite V policy breaks with traditional market practice by providing
three distinctive coverage enhancements:
-
a preservation of the Side A limit when unrelated claims give rise to
erosion under Side B or Side C
-
protection for the company in the event of a securities claim
-
under a new cyber privacy and confidentiality extension, the product
also protects directors against losses arising from unauthorised
disclosure of data or breach of privacy
The product enhancements follow recent research by ACE which highlights
that D&O liability and cyber risk are two of the top four emerging risks
for UK businesses. In the study, over 40% of those responsible for risk
management believe these risks could have a significant financial impact
on their company over the next two years.
Simon Million, UK & Ireland D&O Manager at ACE, said:
“We are highly attuned to the needs of our clients and this enhanced
wording responds to their concerns that Side A limits may not be
available following claims on another part of the policy. It also
addresses growing concerns in relation to the rising tide of cyber
threats, which are becoming more sophisticated, more challenging and
increase the exposures of directors and officers because of their
capacity to affect the financial performance of the organisation.”
ENDS
About ACE:
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 and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of the ACE
Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index.
ACE UK & Ireland’s five regions are:
· Ireland (Dublin and Belfast) · Scotland (Glasgow, Aberdeen) · The
North (Leeds, Manchester, Newcastle) · Midlands (Birmingham) · London
and South East (London, Maidstone, Reading, Watford)
Additional information can be found at: www.acegroup.com/uk
or
http://www.acegroup.com/uk-en/brokers/elite-directors-officers-liability.aspx
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140121005267/en/
Source: ACE