PHILADELPHIA–(BUSINESS WIRE)–ACE USA, the U.S.-based retail operating division of the ACE Group, today announced the launch of a new audio podcast: “Financial Crisis: Bankruptcy Implications for D&O Insurance.” To access the podcast (approximately 15 minutes in length), please visit: www.aceusa.com/News/Pages/Podcasts.aspx, or use the player at the bottom of this post.
This podcast is part of the ACE Progress Reports™ initiative — a collection of white papers, thought leadership, articles and executive reports on current and emerging risk management issues.
Scott Meyer, Executive Vice President, ACE Professional Risk, and Carol Zacharias, Senior Vice President and Deputy General Counsel, North America, ACE Group, examine the implications of bankruptcy for directors and officers. The podcast highlights directors’ and officers’ liability and coverage concerns, and offers guidance on how to maximize quality insurance protection.
“The number and scope of corporate bankruptcy filings, regulatory seizures of financially troubled banks, and litigation arising out of those filings and seizures underscores the critical importance of directors’ and officers’ liability insurance,” said Ms. Zacharias.
Mr. Meyer and Ms. Zacharias address the impact of the global recession, which, spawned by the subprime mortgage and credit crisis in the United States, has fostered a steep rise in the number of business bankruptcy filings. They also discuss indemnification and litigation uncertainty, and insurance and risk management considerations.
“More than any other cause of litigation against corporate officers and directors, bankruptcy poses the greatest threat of personal financial risks, along with the most complicated coverage issues,” said Mr. Meyer. “When banks fail, the odds are much higher for a D&O lawsuit than when non-banks fail. With financial institutions in the crosshairs right now, especially because of the recession, regulatory pressure has increased.”
Staffed by a team of innovative underwriters, ACE Professional Risk is the operating unit within ACE USA, which distributes management liability, professional liability and surety products through retail brokers through the U.S. and Canada. For more information about ACE Professional Risk and its range of products and services, please visit: www.aceusa.com.
ACE USA is the U.S.-based retail operating division of the ACE Group, and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor’s. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.aceusa.com. Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acegroup.com.
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