PHILADELPHIA - April 8, 2004 - ACE Risk Management (ARM), a unit of ACE USA-the U.S.-based retail operating division of The ACE Group of Companies-today introduced a new stand-alone retention clash policy designed to help companies with large deductibles or self- insured retentions take a proactive approach to managing risk. The new product helps companies with large retentions protect their financial position by easing the financial burden placed on a company when a loss triggered by one event results in claims under more than one policy.
"Now more than ever, companies are taking a proactive approach to managing risk and large deductibles or self-insured retentions are playing an increasingly important role as a risk management tool," said William N. Curcio, President of ACE Risk Management. "This new product provides a creative solution to help reduce the impact of multiple retention payments triggered by a single event, which will help companies manage risk by allowing for increases in their primary retained layers."
Insurance is provided with up to $10 million in limits and on a non-admitted basis by surplus lines insurers within The ACE Group of Companies. In addition, this policy is offered for retentions within policies of other participating insurance carriers. The target market for this new policy includes companies with two or more deductibles / SIR's of $100,000 or greater in the following coverage lines: Auto Liability; General Liability; Workers Compensation; and Property.
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.
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ACE Risk Management is part of ACE USA, a U.S.-based retail operating division of the ACE Group of Companies, owned by ACE Limited (NYSE: 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 for a diverse group of clients around the world.