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.
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.”
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