Ace Group unveiled “bespoke” private equity and venture capital liability insurance in Hong Kong and Singapore, reflecting a continued focus on growing its customer base in Asia.
The property/casualty insurance giant said the new coverage will combine directors & officers liability, outside directors liability, professional indemnity and crime insurance protection into a single policy.
By doing so, the insurer said it hopes to help private equity and venture capital companies deal with evolving regulatory and volatile economic environments as well as complex deal structures. ACE pitches the policy as something those companies would need if they face investor, regulatory or portfolio company-scrutiny.
ACE noted that the life cycles of private equity/venture capital companies can range from a firm at the early stage of raising money to the later stage of an IPO exit or trade sale. With this in mind, disputes can happen, according to the insurer, because of the nature of investing in new companies and the “complex interests of different stakeholders.”
ACE’s strategy of making Asia a priority goes back at least to 2014, when ACE Chairman and CEO Evan Greenberg led a U.S. delegation of executives to Southeast Asia with a focus on promoting mutual business opportunities. In July, ACE said it moved to larger space in Singapore to help facilitate continued expansion in the Asia Pacific region.
ACE’s plan to buy Chubb for $28 billion remains on track, with the FTC recently signing off on the acquisition. Expectations are that the deal will close by the 2016 first quarter.
Source: ACE Group