ACE Limited (NYSE:ACL) announced today that the Directors & Officers Division of ACE USA has introduced a new primary policy. The policy is a comprehensive blended form that will include coverage beyond just Directors, Officers and Entity Securities Liability. This form supplements ACE USA's previously announced excess policy form and integrated policy forms for Directors and Officers and related coverages released late last year.

ACE USA, formerly Westchester Specialty Group, is a subsidiary of ACE Limited and is headquartered in Atlanta with offices in New York, San Francisco, Los Angeles and New Orleans.

Senior Vice President Craig Landi, who heads the New York-based D&O division at ACE USA, said that coverage parts available under this blended policy include Directors, Officers and Entity Securities Claims Liability; Fiduciary Liability; Employment Practices Liability; Commercial Crime Coverage; Bankers Professional Liability; Insurance Company Professional Liability; Bankers Fidelity; and Insurance Company Fidelity.

"The newly released policy form can be written for commercial entities (including public, private not-for-profit), and financial institutions, including commercial banks, credit unions, insurance companies and broker/dealers," said Mr. Landi. "Mr. Scott Crocco, Vice President D&O, will be responsible for developing the commercial entities book of business. Mr. Gregg Rentko, Vice President D&O, will be responsible for implementing the underwriting strategy for the financial institutions department. Both Scott and Gregg joined ACE USA in August and September, respectively, last year."

Mr. Landi noted that all of the coverage parts utilize common General Terms and Conditions.

"This common nexus allows for additional coverage parts to be added as needed," said Mr. Landi.

"In addition, coverage can be purchased in several different ways. Insureds can purchase a stand-alone policy for each coverage part or include all of the coverage parts under one policy. Limits of liability can be provided either as a single aggregate for all coverage parts or separate limits of liability for each coverage part. The limit of liability available for any individual coverage part is $25,000,000."

The ACE Group of Companies provides insurance and reinsurance for a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd's) and the Republic of Ireland. At December 31, 1998, ACE Limited had approximately $8.8 billion in assets and $3.9 billion in shareholders' equity.

Contact Information

Media Contact:
Wendy Davis Johnson
ACE Limited
(441) 299-9347

Broker Contact:
Scott Crocco,
ACE USA, Commercial D&O
(212) 642-7858

Broker Contact:
Gregg Rentko
ACE USA, Financial Institutions D&O
(212) 642-7860