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  • ACE in the U.S. - A Leading Global Insurance Organization
    FDA allows a drug company to provide an investigational drug to a seriously ill patient who is not eligible to receive that therapy in a clinical trial or to continue to provide that drug to a patient after the trial is completed For patients the stakes could not be higher With all the regulations and precautions in place to protect the public it can take more than ten years to bring a new drug candidate to market Most terminally ill test subjects can t wait that long Although federal law prohibits drug companies from distributing unapproved drugs FDA regulations do under certain circumstances allow for a compassionate use exception in single access expanded access or continued access trials Under the exception the test sponsor that is the pharmaceutical company can apply to the FDA to offer the unapproved drug to a patient in certain limited circumstances Under the Food and Drug Administration Amendments Act of 2007 FDAAA a sponsor can now charge the test subject for cost of the therapy relieving some of the financial burden borne by the company The demand for compassionate use access to drug therapies still in the trial phase is on the rise and it is putting drug companies at odds with the very people they are developing treatments to save Recently in the news was a teenage Minnesota boy dying of Duchenne Muscular Dystrophy a genetic degenerative disease which predominately affects young boys who was denied access to an unapproved drug tested in a clinical trial Past cases include a dozen test subjects who were denied compassionate use access to the test drug for their degenerative Parkinson s Disease after the trial was halted In situations like these patients and their families may turn to the courts when compassionate use is denied to try

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/specialized-risk/ace-compassionate-care-whitepaper.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Specialized Risk Global Catastrophe Survival Guide New Challenges to Casualty Risk Management by Lori Brassell Cicchini Connie Germano Carol Laufer The growth in U S overseas investment has been staggering from 270 5 billion in 1986 to 3 9 trillion in 2010 1 Risk managers must come to terms with the changing nature of the catastrophe risks they face as their businesses expand around the globe At the same time the threats to their assets have become more complex and more difficult to contain in an age of social media Recognizing that an organization s reputation is among its most valuable assets sophisticated multinational corporations go to great lengths and expense to cultivate a positive image in the countries where they operate Yet many corporations unwittingly put valuable assets at risk How By failing to develop effective catastrophe management plans and by implementing one size fits all insurance programs that lack strong global capabilities A catastrophe can easily spiral out of control damaging a company s public image reputation and profitability We ve all heard the stories A food manufacturer s contaminated product causes widespread illness A chemical company experiences an accidental explosion An office building is targeted in a terrorist attack A stadium collapses A train is involved in a catastrophic crash Whatever the specific circumstances of the tragedy if poorly handled a disaster is likely to invite a chain reaction of investigations penalties and heavy handed regulation with the potential for a steep drop in shareholder value Even the most prudent risk management will not prevent every disaster But U S companies with overseas exposures can protect their assets from the worst possible consequences with a thoughtful approach to catastrophe management as

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/specialized-risk/ace-focuson-global-catastrophe-march_2012.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Gibraltar Hungary Ireland Italy Luxembourg Netherlands Norway Poland Portugal Russia Life Russia Non Life Spain Sweden Switzerland Turkey United Kingdom Asia Pacific Australia China Hong Kong India Indonesia Japan Korea Life Korea Non Life Macao Malaysia New Zealand Philippines Singapore Taiwan Life Taiwan Non Life Thailand Vietnam WORLDWIDE For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Specialized Risk Planning for a Disaster Before Catastrophic Events Strike Some catastrophes may involve human loss but many do not Whether it is damage from an environmental incident or caused by other factors it is an up close and personal disaster the company needs to react to Listen to the podcast 2016 Chubb Terms of Use Licensing Information Privacy Statement View Mobile Page STAY UP TO DATE WITH US Sitemap HOME For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property Insurance For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid sized Enterprises

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/specialized-risk/archived-podcast-planning-for-disaster.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Specialized Risk Targeting the Rich Liability Lawsuits and the Threat to Families with Emerging and Established Wealth In these highly uncertain economic times the issue of disparities in wealth income and taxation has become the subject of heated debate As the controversy deepens and proliferates newly released research by ACE Private Risk Services the high net worth personal insurance business of the ACE Group shows that many high net worth families are concerned this environment is heightening the risk they will be the target of a high stakes liability lawsuit Their wealth they increasingly fear can attract lawsuits Aside from the financial impact high net worth individuals fear the stress of protracted legal proceedings and risk damage to their reputations and ability to earn an income These concerns are not without basis legal experts say Under the widespread doctrine of joint and several liability if more than one defendant is responsible for a plaintiff s injury any one of them may be held liable for the full amount of the damage award This means that a lawyer will often concentrate on the person with the highest net worth instead of the one most at fault Despite these dangers people of means frequently fail to realize that many aspects of their lifestyle can lead to a costly lawsuit such as employing household staff or serving as a volunteer board member of a charitable organization They also tend to underestimate the potential cost of a liability lawsuit and misunderstand the affordability of effective protection Consequently they often lack both the proper types of liability insurance as well sufficient amounts of coverage This white paper draws from a survey commissioned by ACE Private Risk Services of high net worth households and from interviews with attorneys representing high net worth defendants in liability cases

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/specialized-risk/targeting-the-rich-liability-lawsuits.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Renewable sources play an increasingly important role in producing sustainable energy and contribute a rapidly growing share of the world s energy needs Among other benefits renewables enhance energy security reduce greenhouse gasses and protect the environment Developing renewable sources generates new jobs aids rural development and fosters technological leadership While there are a number of benefits renewable energy projects tend to be complex and may entail a wider range of risks than anticipated Identifying and managing the risks of innovative and often pioneering projects can be highly challenging Yet effective risk management is a fundamental prerequisite for developing a financially viable project Whether at the financing construction handover or operational stage the failure to appropriately identify manage control and transfer risk is one of the factors most likely to jeopardize a renewable energy business A crucial step in developing a successful project is to partner with experts in managing renewable energy risks right from the planning stage through construction and into the operational phase As part of a proactive risk management strategy owners operators and developers of renewable resources should look for an insurer that provides seamless coverage and for risk management assistance throughout the project lifecycle Introduction As the size of cargo ships continues to increase so does the concentration of value on a single vessel which raises many issues for the insurance industry The marine cargo industry is seeing some of the largest ships ever built being deployed on the world s trade lanes ships that can transport in excess of 18 000 20 foot containers and it is possible that even bigger ships will replace these giants within the next several years The efficiency gains and particularly the cost savings due to the accumulation of tonnage on board these super ships which are the size of multiple football fields have to be balanced against the risks however These vessels are becoming increasingly common on the Asia to Europe route and the values involved are staggering says Phil Skelton UK based Head of Transportation risk management at ACE The vessel values for these ships can be upward of 120 million to 180 million says Skelton and that does not include the cost of each container about 2 500 bunker fuel valued at about 1 5 million and approximately 250 000 in diesel fuel But such values while large are often dwarfed by the total value of the contents in those containers Indeed the value of a single container depending on its contents could be in the millions says Skelton Thus a vessel valued at 120 million loaded with 14 000 containers of high tech consumer goods from Asia could have an estimated cargo value of 1 12 billion Those are the sort of values the insurance market has to underwrite says Skelton 180m Upper vessel value of a super ship 2 5k Approximate cost of each cargo container 1 1bn Possible total cargo value of a vessel The high values involved have created coverage issues for the shipowner s liability insurance and the individual shipper s cargo insurance For instance an individual shipper s cargo value due to unplanned accumulations of containers may exceed the insurance limit per ship should an incident occur during the voyage What s in the box One concern for shipowners and insurers is that they don t always know the exact contents of a ship s cargo at any given time The contents of a shipping container can be as benign as food toys or clothing or as lethal as toxic chemicals or fuels which could have devastating effects on the environment if the container became lost at sea But we only know when there is a disaster Skelton says The contents of a shipping container can be as lethal as toxic chemicals or fuels Also the odds of having containers on board with undeclared dangerous goods or goods that are not safely stored are much higher on larger ships Some shippers misdeclare dangerous cargo to garner cheaper freight rates from carriers Should an accident occur the rogue containers put all the containers on the ship at risk and the accumulated loss potential for the shipowner and the individual exporters is substantial Such was the case with the M V Rena which ran aground off the Bay of Plenty in New Zealand in October 2011 Investigations into the incident reportedly found 21 containers with dangerous goods that were not originally declared by shippers on the ship s manifest And shippers sometimes forget that there is still an element of danger in shipping goods by container even if all protocols are followed notes Skelton For example a shipper could be transporting fairly innocuous cargo and have made all the declarations but the container could be stowed next to another unit carrying mis declared highly flammable swimming pool chemicals You could be unlucky because the ship you use could have been overloaded over the years and breaks up or catches fire because of dangerous goods being mis declared Using containers is still risky says Skelton Shippers should try to limit their exposures on any single ship Skelton advises and spread their risk across several ships if possible There is no real means of mitigating the risk but it is still important to be aware of it And it does help if you can split shipments up he says Spreading the Risks Overweight containers on deck were a contributing cause in the cracking of the hull of the MSC Napoli in severe weather in the English Channel in January 2007 eventually leading to the vessel s demise Salvaging the containers from a ship that has run aground is fraught with challenges The problem is aggravated when the ship lists after going aground this presents an incredibly dangerous operation getting the containers connected to a crane The bigger the list the more complex it becomes adds Skelton Salvage operations following accidents come at tremendous expense The figure quoted for the MSC Napoli salvage was between 300

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/specialized-risk/ace-marine-global-final-the-perfect-storm.aspx (2016-02-13)
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  • Evan Greenberg to Co-Chair Newly Launched Asia Economic Strategy Commission
    Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News style display none Home Media Center ACE in the News Evan Greenberg to Co Chair Newly Launched Asia Economic Strategy Commission A A A Media Center News Releases Media Contacts ACE Perspectives ACE in the News Evan Greenberg to Co Chair Newly Launched Asia Economic Strategy Commission ACE Chairman and CEO Evan Greenberg has been named co chair of the newly launched Asia Economic Strategy Commission AESC The bipartisan commission launched September 9 by the Center for Strategic and International Studies CSIS will over the next year develop an economic strategy for the U S to pursue its vital interests in the Asia Pacific region Serving as co chairs with Evan are former U S trade representative Ambassador Charlene Barshefsky and former Utah Governor and ambassador to China and Singapore Jon Huntsman The Commission s work intended to inform the next U S administration will focus on promoting growth jobs and security in the U S and across Asia

    Original URL path: http://acegroup.acegroupaccess.com/media-center/ace-in-the-news/evan-greenberg-to-co-chair-newly-launched-asia-economic-strategy-commission.aspx (2016-02-13)
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  • Evan Greenberg Named Insurance Executive of the Year
    Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News style display none Home Media Center ACE in the News Evan Greenberg Named Insurance Executive of the Year A A A Media Center News Releases Media Contacts ACE Perspectives ACE in the News Image Library Evan Greenberg Named Insurance Executive of the Year On September 16 2014 Evan Greenberg Chairman and Chief Executive Officer of ACE Limited was presented with the 2014 Insurance Executive of the Year award by Saint Joseph s University s Academy of Risk Management and Insurance during a dinner in his honor at the Union League in Philadelphia Pennsylvania Proceeds from the event will help to fund the more than 150 000 provided in annual scholarships to Saint Joseph s University s risk management and insurance students Evan is recognized globally as a leading voice of the insurance industry said Mike Angelina executive director of the University s Academy of Risk Management and Insurance Already established as one of the world s preeminent multi line property and casualty insurers ACE continues to break new ground under his leadership as it enters into new markets in Asia and South America Evan s commitment to excellence exemplifies the qualities we seek to instill in our students During his acceptance speech Mr Greenberg spoke about how deeply he cares about the future of the insurance industry and its ability to change and remain relevant In the future for our industry it will take thoughtful broad gauged well trained globally minded students of our business to navigate this environment said Mr Greenberg Preparing the next generation of leaders

    Original URL path: http://acegroup.acegroupaccess.com/media-center/ace-in-the-news/evan-greenberg-named-insurance-executive-of-the-year.aspx (2016-02-13)
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  • Evan Greenberg Receives Award from Insurance Federation of New York; Provides Commentary on Industry Regulation
    ACE and our nearly 20 000 employees around the globe In his acceptance remarks Mr Greenberg also noted several regulatory challenges facing the insurance industry The following is an excerpt of those remarks Our industry faces a difficult politically charged regulatory environment globally that is in a state of change following the financial crisis It has never been more complex demanding and in my judgment confused It is one of the greatest challenges our industry faces today In fact it would be far more difficult to build ACE today in this environment Many of the regulatory bodies we report to around the globe do a reasonably good job and have a reasonably clear sense of mission On the other hand some important regulators and policymaking bodies particularly at the national and multilateral level are confused about mission and the issues At the leadership levels they are directed by those with banking experience and very little knowledge of or appreciation for our industry and the important differences This is deeply troubling and to illustrate my concerns I have three specific items I am just going to briefly mention First is the designation of certain large global insurance companies as systemically important This designation to the extent it impacts their traditional insurance business in my judgment is wrong headed and simply not relevant The failure of an insurance company engaged in traditional life or non life insurance while potentially a major event does not pose a systemic threat to the global financial system The notion of requiring insurers designated as systemically important to hold more capital than other insurers again for traditional insurance business makes little sense It would needlessly disadvantage them and for what benefit And to go further and consider also requiring companies designated as internationally active insurance groups to hold more capital than other insurers would be needlessly counterproductive It would restrict fair competition damage availability and raise cost Who benefits and for what purpose The second concern is around fundamentals related to global industry capital standards I am all in favor of minimum standards for capital that a company must hold to protect policyholder obligations in the event of an insurer failure However a number of proposals being discussed are more like Solvency II and require levels of statutory capital well beyond that singular purpose In debating capital standards regulator proposals consider adopting accounting standards that don t make sense to me from a statutory point of view For example the fair valuing of an insurer s balance sheet based on market conditions at a moment in time makes little sense when we insurers are clearly long term buy and hold investors with limited to no run on the bank exposures Another example is fair valuing P C loss reserves to require discounting as if P C cash flows are predictable This would needlessly weaken insurer balance sheets My third concern is legislative or regulatory efforts we see around the globe aimed at balkanizing capital and cross border

    Original URL path: http://acegroup.acegroupaccess.com/media-center/ace-in-the-news/evan-greenberg-receives-award-from-insurance-federation-of-new-york;-provides-commentary-on-industry-regulation.aspx (2016-02-13)
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