ACE launches enhanced D&O insurance

Insurer ACE has launched an enhanced global directors & officers (D&O) liability proposition for multinational organisations.

ACE 2488 Global D&O product, which complements ACE’s existing suite of products, is supplemented with Lloyd’s coverage through ACE Syndicate 2488, which 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 US and Bermuda, significantly mitigates the need to manage multiple global policies, said the company.

“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.

Scott Meyer, division president, professional lines, ACE USA, said: “This move facilitates access to our robust D&O product portfolio, at a time when organisations need a flexible, financially strong insurer more than ever. 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 cover holder status with Lloyd’s, giving ACE binding authority to issue policies on behalf of ACE’s Syndicate 2488 at Lloyd’s directly in the US and Bermuda.”

Jeffrey Jabon, senior vice president, professional lines, ACE Bermuda, added: “Securing cover holder status for the ACE Syndicate 2488 at Lloyd’s gives our underwriters unprecedented ability to efficiently handle clients’ multinational coverage requirements. 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.”