3 May 2016News

Chubb & Aon launch management liability operation in Bermuda

Chubb Bermuda and Aon Bermuda have together launched a management liability collaboration.

Under the arrangement, eligible insureds will be able to access Chubb Bermuda’s suite of excess management liability products through Aon’s Bermuda operations. These will encompass a variety of financial and professional risk classes across a wide range of industries and offer up to $50 million of Chubb Bermuda capacity per risk.

Accounts will be underwritten by Chubb Bermuda using proprietary excess follow-form policies designed by Aon.

The arrangement will include a broad array of products including: excess directors & officers; errors & omissions; fiduciary liability; employment practices liability; wage & hour; general partnership liability; asset management/mutual fund/private equity liability; and crime.

Joseph Clabby, division president of Chubb Bermuda, said: “We are delighted to engage in this important initiative with Aon and our mutual clients. At a time of increasing uncertainty and potential dislocation within some insurance sectors, this affords our customers access to one of the strongest insurer balance sheets coupled with our proven expertise in a broad range of management liability products.”

Joe Rego, chief executive officer and president of Aon Bermuda, added: “We view this as further evidence of creating value and innovation on behalf of our clients. In conjunction with Chubb Bermuda, we are facilitating an extremely efficient mechanism for companies to harness a substantial block of single-stop management liability capacity, utilising Aon’s excess broad-form offerings.”