Multiline property and casualty insurer Ace Group has introduced new insurance solution for private equity and venture capital firms in Hong Kong and Singapore.
The new private equity and venture capital liability insurance product provides market-leading coverage to address the evolving regulatory and volatile economic environments and increasing complex deal structures.
Ace has designed the new product to provide protection for insureds facing scrutiny from investors, regulators or portfolio companies.
The non-rescindable policy offers broad cover for risks, comprising allegations of mismanagement, breach of fudiciary duty and confidentiality, statutory liabilities, errors and omissions in investment.
The product combines four major coverages into one policy, including directors and officers liability insurance, outside directors liability insurance, professional indemnity insurance and crime insurance.
Ace Asia Pacific financial lines regional head Stanley Wong said: "Private Equity or Venture Capital firms and their management or investment teams are often faced with threats of litigation from a myriad of sources.
"They need cutting-edge protection that addresses these exposures and an experienced insurer by their side to handle complex claims and litigation."
Last month, the firm introduced new Global Cyber Facility product, which has been designed for large insureds, providing up to $100m per insured for qualifying risks globally.
With operations in around 54 countries, Ace offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance services.
Image: Ace has launched new insurance solution for private equity and venture capital firms. Photo: courtesy of William Taufic 2010.