Custom Casualty products offered by ACE Risk Management, a unit of ACE USA, can help single parent captive owners address coverage gaps triggered by changes in the insurance market.
Current market conditions have created a gap between the umbrella/excess carrier attachment and the primary limits assumed by a captive. As a result, captives have been required to assume more risk by increasing primary limits.
Introduced in 2002, ACE’s Custom Casualty products specialize in providing buffer layer limits in excess of a captive’s primary program for General and Automobile Liability exposures. Custom Casualty products enable captive owners to maintain or limit their captives’ exposure. Captive owners can transfer risk above the limits assumed by their captives up to the excess attachment. Up to $2 million in capacity is available with higher limits offered on select risks.
“Custom Casualty underwriters are creative and react quickly to changing market conditions,” said David Brodsky, senior vice president of ACE Risk Management. “Market conditions require customers to take higher retentions regardless of loss history. We have been able to provide buffer layer risk transfer for risks where the standard market was not available.”
“Our Custom Casualty products are tailored to meet the needs of companies with challenging exposures,” said William N. Curcio, president, ACE Risk Management. “We are thrilled to be providing captive owners a viable alternative to the pressures of the current market conditions, and look forward to the continued ability of Custom Casualty to be part of the solutions available through the Alternative Risk Transfer market.”
Custom Casualty products will be showcased at the ACE USA booth at the Vermont Captive Insurance Association’s (VCIA) 2003 annual conference, which will be held Aug. 5 – 7 in Burlington, Vt.
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