ACE Group has launched Private Equity and Venture Capital Liability Insurance in Hong Kong and Singapore. The product aims to address the evolving regulatory and volatile economic environments as well as increasingly complex deal structures.
The product offers insureds protection should they face scrutiny from investors, regulators or portfolio companies. It provides broad cover for risks including allegations of mismanagement, breach of fiduciary duty and confidentiality, statutory liabilities, errors and omissions in investment.
Facing unprecedented exposures, ACE explained that the life cycles of such companies can start at the early stage of raising funds to the later stage of an IPO exit or trade sale. The company explained that the potential for dispute is broad given the diverse nature of the activities that can be involved in an investment as well as the complex interests of different stakeholders.
With the flexibility to be tailored to meet the different needs of insureds, ACE’s Private Equity and Venture Capital Liability Insurance is a non-rescindable policy offering worldwide protection. It combines four major coverages into one policy:
- Directors & officers liability insurance
- Outside directors liability insurance
- Professional indemnity insurance
- Crime insurance.
“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,” commented Stanley Wong, regional head of Financial Lines, Asia Pacific.
Source: ACE Group
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