ACE Risk Management's National Excess Workers' Compensation Unit Enters Texas Non-Subscriber Market.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Dec. 17, 2003 ACE Risk Management (ARM), a division of ACE USA, today announced the launch of a new product for Texas employers who have opted not to provide workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance to their employees under the state workers' compensation system. The ACE Texas Non-Subscriber product will be one of a portfolio of new products to be launched by ARM's National Excess Workers' Compensation unit. Ken Riegler, Senior Vice President of the National Excess Workers' Compensation unit will lead this effort and report to Catherine Fabiitti, Senior Vice President of ARM's Industry and Specialty Products Division. Texas businesses that do not elect to purchase workers' compensation insurance are referred to as "non-subscribers". "Employers choose non-subscription for a variety of reasons, but the primary driving factor is the increasing cost of traditional insurance for workers' compensation," said William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack N. Curcio, President of ACE Risk Management. "With the support of ACE's financial strength and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. flexibility, ACE Risk Management's Texas non-subscriber product responds to the unmet un·met adj. Not satisfied or fulfilled: unmet demands. needs of this market and provides Texas employers with expanded product offerings." "We are pleased to give Texas employers a cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. alternative to the state workers' compensation system," said Ken Riegler, Senior Vice President of the National Excess Workers' Compensation Unit. The ACE Texas Non-Subscriber product is uniquely designed for Texas employers that become non-subscribers and look to provide other benefits to injured in·jure tr.v. in·jured, in·jur·ing, in·jures 1. To cause physical harm to; hurt. 2. To cause damage to; impair. 3. employees, and to self-insure those benefits for their primary losses, yet purchase insurance coverage for catastrophic exposures. "The creation of a stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." excess non-subscriber facility will meet the demand for customized programs in this changing market," said Catherine Fabiitti, Senior Vice President of ARM's Industry and Specialty Products Division. ARM National Excess Workers' Compensation will provide Texas employers coverage for such benefit programs above a minimum attachment point of $250,000 per occurrence. Up to $10 million in limits are available for qualifying risks and a minimum premium of $150,000 will be maintained. 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 ACE Risk Management's products and services, 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, through its underwriting companies, 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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