Chubb Introduces Expanded Insurance Solution to Address Unique Exposures Faced by Today's Private Equity Firms

New product Private Equity+(SM) extends coverages, blending Professional, Management and Employment Practices Liability coverage to insure private equity firms for a broad range of activities and services

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Chubb

Oct 31, 2018, 10:36 ET

WHITEHOUSE STATION, N.J., Oct. 31, 2018 /PRNewswire/ -- Chubb is now providing expanded insurance coverage thorough its Private Equity+^SM offering to address the unique risks private equity firms face. These extended offerings provide private equity firms with a comprehensive solution designed to help transfer and mitigate many of their most significant liabilities by combining four coverages focused on management (Directors and Officers), outside directorship, professional services (Errors and Omissions), and Employment Practices Liability into one policy.

"Private equity firms have a wide range of responsibilities, which creates unique personal and business liability exposures; this requires a comprehensive insurance program to address their constantly evolving activities," said Michael Oppe, Senior Vice President, North America Financial Lines, Chubb. "Chubb has a long history and specialized understanding of private equity exposures, which enables us to deliver market-leading coverage enhancements, including the coverage extensions now embedded in this unique new product."

Some of these coverage extensions include:

Portfolio company pre-acquisition defense costs that may arise from lawsuits brought against the private equity firm as controlling shareholder of a portfolio company – even when the alleged acts of the portfolio company precede the private equity firm's acquisition date
Crisis costs incurred by the private equity firm, including hiring a public relations firm to mitigate the potential reputational damage resulting from the termination of a key executive
Defense costs incurred by a private equity firm executive as a result of his or her being interviewed by regulatory enforcement agencies

Chubb began offering coverage to private equity firms in 1997, and was one of the first insurers to develop integrated management and professional liability insurance products tailored for this market.

"Our breadth of experience, financial strength, reputation for exceptional service, and fair claims handling capabilities are among the top reasons private equity firms select Chubb to be their primary insurance carrier," said Oppe.

For more information on Private Equity+^SM, visit here, or contact your local Chubb agent to craft an insurance program to meet your firm's unique and evolving needs.

Private Equity+^SM is available within the U.S.; it is not yet available in Canada.

About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at www.chubb.com.

SOURCE Chubb