PARIS--May 29, 2012--(BUSINESS WIRE)--ACE Group today launched enhanced product recall insurance coverage as part of its casualty proposition for mid-market companies within its Continental Europe region, as it continues to expand its casualty capabilities in Europe.
European businesses face significant and increasing recall risks as global supply chains become more complex, and legislation continues to evolve. The launch follows the passing into law earlier this year of the US Food Safety Modernization Act (FSMA), which creates new liabilities for all food manufacturers and producers with operations in, or exports to, the US.
The new cover is designed for businesses with revenues of up to approximately €1 billion seeking to include product recall insurance within a wider casualty insurance programme. Underwritten with a wide range of industries in mind, it will be tailored to suit individual business needs and includes cover for the automotive industry, product recall for the consumer goods sector and contaminated product insurance (CPI) for the food and drink industry. ACE will also make the cover available to selected larger companies on a case-by-case basis.
Key benefits of ACE’s product recall proposition include:
Joseph Clabby, President, Continental Europe said:
“Investing in our casualty business is core to our strategy for Continental Europe and mid-market companies represent one of our most important customer segments. Launching product recall cover for this segment significantly enhances our casualty proposition while supporting a key client group that is sometimes under-served.”
Rosemary Ness, Casualty Manager, Continental Europe added:
“As clients’ casualty exposures grow ever more complex, ACE’s objective is to keep the insurance solutions as simple as possible. ACE’s product recall proposition therefore delivers flexible and tailored cover as part of a single comprehensive casualty policy. It also combines risk transfer with the strategic risk management counsel and crisis support that many mid-market companies particularly value.”
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.