The Ace Group of Companies has given support to a Bill to extend the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA) beyond its current due expiration date.Ace has voiced support of H.R. 2761, which was introduced in the US House of Representatives on Monday, to extend the current Terrorism Risk Insurance Extension Act.

"We commend chairman Frank, subcommittee chairman Kanjorski and Congressman Capuano for introducing legislation to extend the Terrorism Risk Insurance Extension Act. They and their staffs have worked diligently to draft legislation to continue the public-private partnership that has successfully increased the availability and affordability of terrorism coverage for American businesses," said Evan Greenberg, chairman and chief executive officer of Ace Limited.

"Importantly, the legislation features a ten-year extension that will allow long-term economic development to occur without disruption to American businesses while providing time to develop a permanent solution to terrorism risk insurance. Equally important is the addition of coverage for acts of terrorism carried out by domestic entities, which, sadly, are a very real possibility.

"The legislation also addresses coverage for nuclear, biological, chemical and radiological (NBCR) acts of terrorism — risks that most studies have found uninsurable by the private marketplace and unlikely to be insurable in the foreseeable future.

"The Bill requires insurers to make this coverage available, but provides greater federal protection for this historically uninsured exposure. The specific provisions regarding NBCR coverage under the program are critical for policyholders and insurers, and we intend to continue to work with Congressional leadership on this area to insure that the legislation strikes a workable balance for all."