News Releases

LONDON & STOCKHOLM & OSLO & COPENHAGEN & HELSINKI--(BUSINESS WIRE)--ACE Bermuda International today announced the launch of ACE NorDIC Directors and Officers Liability policy, designed to protect the personal assets of executives and board members of leading companies in the Nordic region. ACE has a long and respected history in the management liability arena and has been at the forefront of personal asset protection for directors and officers for almost 30 years.

The ACE NorDIC Directors and Officers (D&O) liability policy has been designed to complement the company’s existing D&O offering provided locally through ACE’s network of offices in the region. It represents another step in the company’s strategy to provide market-leading liability solutions and superior service for public and private multinational organisations and middle market clients along with targeted offerings for SMEs.

The ACE NorDIC 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extremely broad, comprehensive personal asset protection for directors and officers and coverage cannot be cancelled or rescinded for any reason except for non-payment of premium. ACE NorDIC provides “DIC” (Difference-In-Conditions) coverage and can “drop down” to any position in the underlying programme, even primary, in instances where the underlying insurers are insolvent, fail to pay, rescind their policy or simply do not provide coverage. 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 otherwise be insurance coverage gaps for board members and executives at a time of heightened exposure.

“ACE NorDIC’s comprehensive coverage coupled with ACE’s financial strength and multinational proposition ensure directors and officers can focus on effectively and efficiently managing their companies with the security of knowing that they are ACE insured” said David Gutteridge, Professional Lines Manager, ACE Bermuda International.

“With separate polices available for Sweden, Norway, Denmark and Finland, the breadth of coverage in the ACE NorDIC product offers a significant breakthrough in personal asset protection from the liabilities invariably threatening directors and officers” said Jonathan Boyd-Wallis, Senior Underwriter, Professional Lines, ACE Bermuda International.

Market leading features* of the ACE NorDIC policy include:

• Two free reinstatements of the limits
• Free six year insolvency reporting period
• Free automatic reporting period of unlimited duration for former directors and officers
• Separate funds established, including ACE NorDIC Access Fund (subject to separate limit), Public Relations Fund (sublimit) and Enforcement Fund (sublimit)
• Broad definition of claim and insureds
• Expansive recognition of underlying limit erosion
• Automatic policy renewal capabilities
• Definition of non-indemnifiable loss includes failure of the company to indemnify within 60 days after the insureds request such indemnification

*Product features are summaries only; please see the actual policy for terms and conditions.

About ACE

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, including Sweden, Denmark, Norway and Finland, 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 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.