ACE Strengthens Management Liability Cover with New D&O Policy

HONG KONG, June 10, 2015 /PRNewswire/ -- ACE Group announced today the launch of the ACE elite V Directors & Officers (D&O) policy, a new and enhanced product tailored to protect the management liabilities of directors and officers of large and/or listed companies in Hong Kong.

The risks and the risk profile that directors and officers face are changing and, in many cases, arguably increasing. In response to the evolving D&O risk environment as well as feedback from brokers and clients, the ACE elite V D&O policy was developed to offer distinctive and market-leading coverage, the key highlights of which include:

• Preservation of Side A limit extension, providing an additional limit of liability to our insured directors and officers when a new claim is filed against them and where their companies cannot provide indemnification.
• Cyber privacy and confidentiality extension, providing an additional limit of liability for claims against our insureds for data privacy breach or unauthorised disclosure of data or confidential information.
• Mitigation of Loss Extension, providing indemnity for settlements and related costs incurred as a result of action taken by insureds solely to prevent or mitigate a potential claim filed against them.
• Environmental Violation Extension, providing cover for claims against our insureds arising from pollution.

In conjunction with the product launch, ACE unveiled a two-part online video offering insights into:

• the obligations of company directors and officers and why D&O insurance is essential as a safety net against potential litigation
• what directors and officers can look forward to in the ACE elite V D&O policy

Mr. Stanley Wong, Regional Head of Financial Lines, Asia Pacific, said, "Our new elite V D&O policy forms part of our continuous effort to better respond to clients' needs by building on our product portfolio as well as providing cutting-edge enhancements in our coverage for evolving risks in the region. To be "ACE insured" means brokers and clients can rest assured knowing that we are there when they need us the most."

Doug White, Country President of ACE in Hong Kong, Taiwan and Macau, added, "With ACE elite V D&O policy, we can help our clients boost their risk management efforts with coverage extending beyond the scope of traditional D&O policies, backed up by our experienced and efficient claims support should the need arise."

About ACE in Hong Kong

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 ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. ACE's core operating insurance companies are rated AA for financial strength by Standard & Poor's and A++ by A.M. Best.

With both general and life insurance operations, ACE has been present in Hong Kong for more than 90 years via acquisitions by its predecessor companies. Its general insurance operation in Hong Kong (ACE Insurance Limited) is a niche and specialist general insurer offering products such as Property, Casualty, Marine, as well as Accident & Health programs for large corporates, midsized commercial and small business customers. For ACE in Hong Kong, the AA- long term insurer financial strength and counterparty credit ratings by Standard & Poor's are indicative of the company's strong capitalization. Over the years, the company has built strong client relationships by offering responsive service, developing innovative products and providing market leadership built on financial strength.

More information can be found at www.acegroup.com/hk.