The Bermuda-based company's newly-appointed non-executive chairman of its London operations, William J. Loschert, said it could be offered early in the new year.

Actively involved in the development of the new programme with ACE general counsel Peter Mear, Mr. Loschert said: "We are trying to do it differently than the regular market. And we are developing it in conjunction with someone else, who has a lot of experience and political influence of doing it.'' Mr. Loschert, who is responsible for policy and the direction of underwriting of ACE's London operations, said he will continue to be involved with the project until the programme has been put in place.