Willis Group Holdings, the global insurance broker, has launched its unique directors’ all risks cover (DARCstar) in Australia, Hong Kong and Singapore.
DARCstar policies have already been written for a number of global companies. The policy has been launched in the United Kingdom, Spain, Sweden, Israel and Columbia with plans to extend the wording to other jurisdictions including New Zealand, Argentina, Chile, France, Germany, Mexico and the Netherlands.
The new product was conceived in response to the increasingly challenging regulatory environment for company directors and officers. DARCstar has attracted over 60 companies with over $475 billion in annual turnover since its inception in May 2011.
DARCstar is now supported by almost all of the global D&O insurance market, with current capacity in excess of $500 million.
The policy starts from the premise that all liability risks faced by directors are covered. A typical DARCstar wording is just 10 pages compared to the average D&O policy that stretches to 30-40 pages.
Commenting on the launch of DARCstar in the Asia-Pacific region, Francis Kean, Willis executive director in FINEX Global, Willis’ executive risks practice, said: “Australia is a risky region for executive liability compared with other parts of the world. For this reason company directors will be pleased to know that a specific D&O insurance is available, which gives them certainty of indemnification, more focused cover for regulatory investigations and the peace of mind that all risks are covered unless specifically excluded.”
“Recent legislative developments in Asia-Pacific reinforce the requirement for broad D&O protection. DARCstar eradicates the uncertainties in D&O insurance, giving company directors’ peace of mind clearly and concisely,” said Kean.
Tony Mitchell, Finex Leader in Asia Pacific added: “The risk profile for directors varies with geography and listing characteristics. Common risks include, increased litigation, the desire to retain better independent directors, the risk of regulatory investigations, a lack of knowledge over indemnification provisions and the ability of the company to indemnify directors.”