LONDON--(BUSINESS WIRE)--ACE Bermuda International today announced the launch of an additional D&O liability insurance capability for multinational companies based outside of North America. The new capability allows ACE to issue CODA Premier® policies directly through ACE’s Syndicate 2488 at Lloyd’s and offer directors and officers enhanced coverage options for the liabilities they face in the performance of their duties.
The addition of the CODA Premier® Lloyd’s capability complements ACE’s existing suite of D&O products, and provides companies with valuable options for managing multinational D&O programmes, wherever the management team or board resides. The unique suite of CODA products that are available through ACE’s Syndicate 2488 include:
- Directors & Officers
- Independent Non-Executive Directors
- Officers only
- Retired Independent Non-Executive Directors
- Retired Officers
David Gutteridge, Professional Lines Manager, ACE Bermuda International, said, “ACE can now offer risk managers the extensive choice they need to effectively manage their company’s exposures and protect their directors and officers, regardless of location. A company may opt for a CODA Premier® policy via ACE’s Syndicate 2488 where the convenience of a Lloyd’s policy provides coverage throughout the Lloyd’s broad license network. Alternatively, a company may require a CODA Premier® master policy from ACE Bermuda International and local policies in certain jurisdictions such as the BRIC countries, which we facilitate through ACE’s global network and manage via ACE Worldview®.”
“The addition of CODA Premier® further enhances ACE’s capabilities at Lloyd’s and together with our depth of experience, appetite for risk and global network makes ACE a valued partner for multinational clients,” said Matthew Shaw, Division President, ACE Global Markets.
ACE has a long and respected history in the management liability arena; its CODA Premier® policy has been the market standard for almost 30 years. The CODA Premier® policy is structured to offer extremely broad, comprehensive personal asset protection for directors and officers and coverage cannot be cancelled or rescinded for any reason except for non-payment of premium. In addition, bespoke cover can be arranged to protect personal liability arising as a result of mergers and acquisitions or other corporate transactions where there might be insurance coverage gaps for board members and executives at a time of heightened exposure.
About ACE Group
ACE Bermuda International, the Dublin based subsidiary of ACE Bermuda Insurance Ltd., is rated A++ by A.M. Best Company and AA by Standard & Poor’s. ACE Bermuda International provides commercial insurance products to a global client base targeting large companies and covering exposures that are generally low in frequency and high in severity. Additional information can be found at www.acegroup.com/bm. ACE Bermuda International Insurance (Ireland) Limited trading as ACE Bermuda International is regulated by the Central Bank of Ireland.
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.