PHILADELPHIA- September 18, 2002 - ACE Risk Management (ARM), part of ACE USA, today announced the creation of a new unit, ARM Excess Workers' Compensation. The ARM Excess Workers' Compensation unit offers risk managers and brokers the ability to customize workers' compensation programs to address today's changing marketplace. This stand alone product is uniquely designed for clients that self-insure their predictable losses, yet look to purchase insurance for catastrophic exposures.
ARM Excess Workers' Compensation will provide coverage for single entity risks with premium of at least $100,000. The unit will look to offer coverage above a minimum attachment point of $250,000 per occurrence. Statutory limits are available for qualifying risks.
Leading this new unit is Kevin McCracken, senior vice president. McCracken joined ACE in 1999 as senior vice president, ACE Risk Management, Atlantic Region. Prior to joining ACE, McCracken was with Reliance National for 11 years, ultimately holding the role of vice president within the Risk Management unit with responsibility for the Southwest and Mid-Atlantic regions. Prior to Reliance National, McCracken was employed by Insurance Company of North America from 1978-1988.
"ACE Risk Management's focus is on developing sophisticated and tailored insurance products for large complex risks. The creation of ARM Excess Workers' Compensation is part of our overall business plan designed to position us as the most valued risk management provider in the industry today," said Bill Curcio, president, ACE Risk Management. "We are pleased to have Kevin at the helm of this new division, as he brings a wealth of knowledge regarding workers' compensation and primary casualty programs to his new role." Kevin will be based in Philadelphia.
"The creation of the Excess Workers' Compensation unit fills an important need within the industry," said Kevin McCracken, senior vice president. "Early successes across a variety of segments, including large Fortune 500 accounts, municipalities and others from the healthcare, chemical and transportation industries are a strong indication that capacity within this market is in great demand."
For more information, please contact Kevin McCracken, senior vice president, ACE Risk Management, Excess Workers' Compensation, at (215) 640-1294.
ACE USA, headquartered in Philadelphia, is the U.S.-based operating division of the ACE Group of Companies, headed by ACE Limited (NYSE: ACE). ACE USA provides insurance products and services through the U.S. operating subsidiaries. ACE USA is rated "A" (Excellent) by A.M. Best and "A+" (Strong) by Standard & Poor's. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world. Additional information can be found at www.ace-ina.com.