Chubb Bermuda and Aon to work together
Chubb Bermuda and Aon Bermuda are to work together to offer clients new options for management liability insurance coverage.
The arrangement will allow insurance buyers to access Chubb Bermuda's excess management liability products through Aon's Bermuda operations, offering up to $50 million of capacity per risk.
A range of financial and professional risk classes will be underwritten by Chubb Bermuda, including excess directors and officers, errors and omissions, fiduciary liability and employment practices liability, the companies said in a joint statement.
“We are delighted to engage in this important initiative with Aon and our mutual clients,” Joseph Clabby, division president of Chubb Bermuda, said. “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 of Aon Bermuda Ltd, said: “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.”
Ace Ltd took over Chubb in a $29.5 billion deal earlier this year and adopted the venerable US insurer's name.