BOSTON--(BUSINESS WIRE)--Berkshire Hathaway Specialty Insurance Company (BHSI) today announced that it is expanding its Executive & Professional Lines capabilities with the introduction of Executive FirstTM Public Offering of Securities Insurance (POSI) and Executive FirstTM Side A Difference In Conditions (DIC) Liability Insurance in Asia.
“We are pleased to put BHSI’s financial strength to work to give directors and officers the utmost security as they assume directorships and embark on public offerings in uncertain times,” said Patrick Ko, Head of Directors and Officers, BHSI in Hong Kong. “With our POSI, companies and directors and officers can be confident that they are well protected against liabilities associated with capital raising transactions and public security offerings. In addition, our Excess Side A DIC coverage provides additional peace of mind for individual directors and officers who can find their personal assets at risk due to their respective board positions.”
“BHSI can provide the large-scale capacity these exposures often demand – up to USD $100 million,” said Emily Poh, Head of Executive & Professional Lines, BHSI in Singapore. “In addition, directors and officers can rest assured that their policies reside with an insurer that has both the financial strength and the long-term commitment to see them through any claims ahead.”
BHSI’s new POSI provides coverage for the company (including companies listed on U.S. exchanges), its directors and officers, controlling and selling shareholders, and offering underwriters in litigation arising from a capital raising event, such as an Initial Public Offering (IPO).
BHSI’s Excess Side A DIC coverage is designed for individual directors and officers, including those serving on the boards of U.S. listed public companies. If the company cannot indemnify individuals, the coverage is intended to apply when their underlying D&O Liability Insurance policy cannot respond because its limits have been exhausted or a DIC event occurs.
Berkshire Hathaway Specialty Insurance (www.bhspecialty.com) provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs, medical stop loss, and homeowners insurance. The actual and final terms of coverage for all product lines may vary. In Asia, it underwrites on the paper of Berkshire Hathaway Specialty Insurance Company, which holds financial strength ratings of A++ from AM Best and AA+ from Standard & Poor’s. Based in Boston, Berkshire Hathaway Specialty Insurance has offices in Atlanta, Boston, Chicago, Fort Lauderdale, Houston, Irvine, Los Angeles, New York, San Francisco, San Ramon, Seattle, Stevens Point, Auckland, Brisbane, Düsseldorf, Hong Kong, Melbourne, Singapore, Sydney and Toronto. For more information, contact firstname.lastname@example.org.