ACE Risk Management's Custom Casualty Products Help Captive Owners with Coverage Gaps.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Aug. 1, 2003 Custom Casualty products offered by ACE Risk Management, a unit of ACE USA, can help single parent captive captive said of naturally wild or feral animals kept in captivity for educational and scientific investigation with no attempt being made to domesticate them. owners address coverage gaps triggered by changes in the insurance market. Current market conditions have created a gap between the umbrella/excess carrier attachment and the primary limits assumed by a captive. As a result, captives have been required to assume more risk by increasing primary limits. Introduced in 2002, ACE's Custom Casualty products specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in providing buffer layer limits in excess of a captive's primary program for General and Automobile Liability exposures. Custom Casualty products enable captive owners to maintain or limit their captives' exposure. Captive owners can transfer risk above the limits assumed by their captives up to the excess attachment. Up to $2 million in capacity is available with higher limits offered on select risks. "Custom Casualty underwriters are creative and react quickly to changing market conditions," said David Brodsky, Senior Vice President of ACE Risk Management. "Market conditions require customers to take higher retentions regardless of loss history. We have been able to provide buffer layer risk transfer for risks where the standard market was not available." "Our Custom Casualty products are tailored to meet the needs of companies with challenging exposures," said William N. Curcio, President, ACE Risk Management. "We are thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. to be providing captive owners a viable alternative to the pressures of the current market conditions, and look forward to the continued ability of Custom Casualty to be part of the solutions available through the Alternative Risk Transfer market." Custom Casualty products will be showcased at the ACE USA booth at the Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. Captive Insurance Captive insurance companies are limited purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups, they sometimes also insure risks of the parent company's customers. Association's (VCIA VCIA Vermont Captive Insurance Association ) 2003 annual conference, which will be held August 5 - 7 in Burlington, Vt. ACE Risk Management offers comprehensive Risk Management Programs and Services, which are uniquely designed and customized to assist companies in any industry deal with the significant costs of financing and managing risk. To learn more about these Custom Casualty products, visit www.aceriskmanagement.com. ACE Risk Management is part of ACE USA, a U.S.-based operating division of the ACE Group of Companies, owned by ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE). ACE USA provides insurance products and services throughout the U.S. The ACE Group of Companies provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. for a diverse group of clients around the world. |
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