|NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA. ANNOUNCES HEDGE FUND PROTECTOR, INSURANCE POLICIES FOR HEDGE FUND ADVISORS AND MANAGERS|
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New Hedge Fund Protector(SM) Features Directors and Officers, Partnership and Professional Liability Insurance
NEW YORK--Dec. 13, 2005-- National Union Fire Insurance Company of Pittsburgh, Pa.(R) (National Union), a member company of American International Group, Inc. (AIG), today announced Hedge Fund Protector(SM), a new insurance policy designed to protect hedge fund managers, directors and officers against liability exposures and potential litigation. Hedge Fund Protector includes directors and officers liability, partnership liability, managing member liability and professional liability insurance specifically tailored for hedge funds.
According to The Hedge Fund Association, hedge fund assets have grown at an average rate of 20% each year over the last five years and represent an $875 billion industry.(1) Ongoing growth combined with a number of recent high-profile fraud cases involving hedge funds has led to greater industry-wide scrutiny of hedge fund managers. Moreover, in February of 2006, the majority of hedge fund managers will be required to register as investment advisors with the Securities and Exchange Commission.
"In the past three years, interest in D&O and E&O coverage for hedge funds and fund managers has increased tremendously. However, we estimate that less than 30 percent of hedge funds are protected by this type of coverage," said Scott A. Meyer, President, National Union's Financial Institutions Group. "National Union's deep expertise in providing financial institutions with risk management solutions, places us in a unique position to serve the hedge fund market."
The Hedge Fund Protector coverage includes:
In addition, Hedge Fund Protector includes options for separate cover, including Employment Practices Liability, "Side Pockets"-Private Equity/Venture Capital Professional Liability, Administrator Liability, and Plan Assets Fund Liability.
For more information on National Union's Hedge Fund Protector, please visit: www.aignationalunion.com or e-mail us at: firstname.lastname@example.org
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
*Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting review and approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties.
(2) Coverage triggered upon a formal investigation