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Press release from Business Wire

ACE Launches New Stand-Alone Product Recall Insurance Unit; Appoints Florian Beerli to Lead Initiative

Tuesday, June 26, 2012

ACE Launches New Stand-Alone Product Recall Insurance Unit; Appoints Florian Beerli to Lead Initiative16:34 EDT Tuesday, June 26, 2012 PHILADELPHIA (Business Wire) -- ACE Westchester, the U.S.-based wholesale-focused insurance division of the ACE Group, today announced that it has introduced a new stand-alone product recall underwriting unit, which will deliver insurance products to respond to the increased risks associated with product recalls. Florian Beerli will serve as Senior Vice President, Product Recall Underwriting for Insurance-North America, with overall responsibility for delivering integrated insurance solutions in North America that are specifically structured to meet the unique insurance needs related to product recalls. He will be based in Woodbridge, CT, and report to Bruce Kessler, Division President, ACE Westchester. He will work with the ACE branches throughout the country to deliver the full range of crisis management services and first-party product recall insurance for consumable products, consumer goods, component parts, and food borne illness for restaurants. “The exposures related to product recalls have become an ongoing occurrence in many industries, not just the food and beverage industry, and they pose a significant liability for a company's balance sheet and overall brand reputation,” said Mr. Kessler. “The new ACE Westchester product recall offering can tailor coverage based on the unique needs of customers. Our research of the product recall market has demonstrated that the magnitude of the problem continues to grow, and there is a real need for a product that can mitigate the financial disruption caused by recalls.” Additionally, this new product offering will offer reimbursement costs for product recalls and covered third-party expenses associated with consultants, as the result of claims arising from the product recall. “I'm pleased to welcome Florian to ACE,” added Mr. Kessler. “His proven success and experience in providing insurance solutions and crisis management services in the product recall arena makes him well-positioned to lead this new unit.” With more than 20 years of insurance industry experience, with particular emphasis in crisis management, Mr. Beerli joined ACE from Crum & Forster, where he served as Vice President, Crisis Management. He also previously headed up the Crisis Management Division for Catlin U.S., and held a senior underwriting position at American International Group (AIG) in its Crisis Management Unit. Mr. Beerli received a business degree in insurance from the Business School of Schaffhausen in Switzerland. The new ACE Westchester product recall product offering is underwritten and provided by insurance companies within the ACE Group. All products may not be available in all jurisdictions. Surplus lines insurance is sold through licensed surplus lines brokers only. The product information above is a summary only. The insurance policy actually issued contains the terms and limits of the contract. For more information regarding the ACE Westchester product recall offering, please contact Florian Beerli at florian.beerli@acegroup.com or (678) 234-8885. ACE Westchester is the U.S.-based wholesale-focused operation of the ACE Group. The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com. ACE North America CommunicationsCarla Ferrara, 215-640-4744carla.ferrara@acegroup.com