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The need for D&O is growing rapidly in Asia. Jason Kelly explains why.

In this brief video Jason Kelly,Head of Liabilities & Financial Lines Greater China & Australasia shares his insights on Directors and Officers Insurance in Asia Pacific including rising trends and the different needs of the region.
 

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AIG is the leading provider of Financial Lines insurance in Asia Pacific. AIG builds its products to the needs of this region which are different from the rest of the world. Hear more below about the market from Jason Kelly, Head of Liabilities & Financial Lines Greater China & Australasia.

AIG in the News

As one of the leading providers of Directors and Officers Insurance globally, AIG has the insights from our customers, the market and our extensive claims data to ensure that the very best products are available to the customer.

The D&O landscape in Asia Pacific

D&O Claims in Asia Pacific: A snapshot.

As the largest provider of D&O Insurance and professional indemnity insurance in the world, AIG has unique insight into the landscape of D&O across Asia Pacific.

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Liabilities in China: A timeline.

China is the world’s fourth largest insurance market, but relatively few companies currently purchase Director’s and Officer’s insurance.

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AIG D&O Claims in Asia Pacific

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Product Information

Dragonshield™ is our bespoke management liability insurance solution, designed from scratch to meet the needs of our business partners in Asia.

Designed in Asia for local, international and global businesses, we believe our management liability insurance solutions will give directors and company officers the confidence to make the right decisions for their businesses.

What's new?

We've expanded our market-leading D&O cover, Dragonshield™, to include a suite of additional coverage products offering our clients the greatest possible protection.

Dragonshield™ Entity Investigation Cover

Complimentary cover with the DragonshieldTM D&O policy offering true entity cover for investigations (separate limit of liability).

Dragonshield™ POSI

The market's leading IPO form mirroring the dynamic cover in the DragonshieldTM D&O policy.

IPO Boost

Transferrable limits from the Public Offering of Securities Insurance (“POSI”) form to the D&O policy over a period of 3 years. Cementing the reason to purchase both D&O and POSI cover during an IPO.

Additional features

  • BIPD Exclusion: provides carve-backs for Non-Indemnifiable Loss, Insured Persons Defence Costs and Securities Claims.
  • Future Securities Offering: extends to cover all Non-US securities offerings (including IPO in another country).
  • Tax Liability: also covers unpaid corporate taxes of the Company where the Insured Person’s liability for such non-payment of tax is established by law.
  • Securities Claim: amended to meet the regulatory procedures faced by Asian companies.
  • Civil Fines and Penalties: affirmative cover for violation of the FCPA, 15, USC Section 78dd–2(g)(2)(B) and Section 78ff–(c)(2)(B).
  • Regulatory Crisis Event Costs: expanded pre-investigation cover (internal investigations).
  • Specialist Counsel: counsel costs for advice on any Securities Claim in any foreign jurisdiction.
  • US Insured v Insured Exclusion: amended by no longer excluding claims by insured persons.
  • Mitigation Costs / Mitigation Prosecution Costs: pre-claim cover for the principal purpose of avoiding a Claim being made by a potential claimant.
  • Provides flexible and comprehensive protection and services to cope with the downsides that occur in business for private companies.
  • Instant quotes are available for private companies with total asset size less than HKD200 million and not belonging to the following excluded industries: financial institutions, telecommunications, pharmaceutical, biotechnology, airlines, public utilities, energy, marine and mining industries.
  • For all other private companies, please contact us for a quote.

 

  • Provides flexible and comprehensive protection and services to cope with the downsides that occur in business for Non for Profit entities.
  • Instant quotes are available for Non for Profit entities with total asset size less than HKD100 million.
  • For all other non for profits, please contact us for a quote.
  • The specific terms, conditions and exclusions applicable to this insurance are as set out in the policy.

 

 

Why Dragonshield Regulatory Excess X2?

It has long been considered in the insurance brokerage community that the excess market is simply a play on cheap capacity with no innovation. All forms are considered equal and therefore the cheapest premium wins. This approach, however, can leave Insureds dangerously exposed. If a trade-off has been made for price over coverage at the primary level, cheap follow-form XS coverage not only magnifies the impact of any gap, but builds in further fragility as claims are, at best, settled at the pace of the slowest insurer in the tower or, at worst, denied automatically by the entire tower as soon as a single insurer declines.

AIG has developed Dragonshield Regulatory Excess X2, an innovative Excess D&O cover, which adds to its best-in-class Dragonshield D&O product suite and addresses these issues. Dragonshield Regulatory Excess X2 combines AIG’s extensive primary layer claims handling with unique coverage features that introduce a greater degree of robustness to any tower it sits in. In short, Dragonshield Regulatory Excess X2:

1)     Provides market leading cover unmatched by our competition (at a premium price);

2)     Leverages AIG’s expertise in D&O claims in Asia by providing the insured a regulatory crisis cover add-on to its primary protection along with access to assistance with coverage issues that may arise with other layers in the tower;

3)     Rewards the insured with additional cover in the primary policy by doubling the sublimits when AIG is added to the excess tower.

Optional Policy Covers:

1. Doubling of sublimits on the primary where AIG is the sole primary insurer - This coverage is the basis of the X2 name. If AIG is the sole primary insurer and the insured decides to place AIG on the excess program using Dragonshield Regulatory Excess X2 (on any layer), the sublimits on AIG’s primary cover automatically double. For example:

a. The EPLI sublimit is US$1m with AIG the sole* primary insurer. If the insured purchases the Dragonshield Regulatory Excess X2, the EPLI sublimit automatically doubles to US$2m.

b. Any erosion of the doubled sublimit on the primary will not erode the excess Dragonshield Regulatory X2 policy.

*If AIG is not the sole lead primary market the doubling of the sublimits does not apply

2. Second Opinion Cover – Where AIG is on an excess layer using Dragonshield Regulatory Excess X2 and AIG has agreed cover for a claim(s), which differs from the position taken from any other insurer (on any excess layer in the tower above or below AIG), then the Insured can utilize a separate sub-limit of US$50k (in addition AIG’s XS limit) to engage legal counsel to provide advice to assist in coverage discussions with those other insurers. 

Regulatory Crisis Cover Fill-in (DIC) – With decades of primary claims experience, AIG is often seen as the best option for the insured on their primary D&O coverage. With Dragonshield Regulatory Excess X2, the Insured can ‘buy-in’ a key element of this primary cover (and unique experience) by introducing AIG as an insurer onto its XS layers. Dragonshield Regulatory Excess X2 offers a separate and additional sub-limit of US$50k for use as an emergency funding limit for pre-investigation costs that may not be covered by the primary policy. This positions AIG’s excess cover to provide immediate assistance to the Insured in the event of a regulatory crisis (even though it sits XS). As up to 90% of costs in Asia are related to regulatory exposure, having access to AIG’s claims team and legal partners on-call when a regulatory crisis event happens, provides our clients with comfort to handle potential investigations by regulatory bodies. The cover provided is base form regulatory crisis cover in the Dragonshield D&O 2015 primary policy. If this cover is no broader than the primary policy then cover will apply as excess of the primary policy sublimit (should it be eroded).

Meet The Team

Our team of D&O insurance experts are based in multiple jurisdictions across the region, so you have a contact point wherever you do business.

Jason Kelly
Head of Liabilities & Financial Lines
Greater China, Australasia & S. Korea
Asia Pacific

Jason Kelly is an insurance professional with over 16 years’ experience across the globe. Joining AIG in 1999 in New York, Jason has worked extensively across a variety of portfolios under Financial Services including the technology D&O portfolio in the AIG San Francisco office and International D&O based in London. Moving to Asia in 2009, Jason currently manages all Liability and Financial Lines products in Asia Pacific including financial institutions, cyber liability, professional indemnity and casualty.

Jason brings a wealth of knowledge from the developed markets of the United States, Europe, developed Asia and Australia/New Zealand to the developing markets of South East Asia. He is considered an expert speaker across the Financial Lines portfolio and is often asked to provide his insights throughout Asia on various trending issues including the Internet of Things and Cyber Risk.

Contact Jason Kelly today : Jason.Kelly@aig.com

 

Enoch Zhou

Senior Underwriting Manager of Liability & Financial Lines
AIG Insurance Company China Limited

 

Enoch is in charge of the underwriting and management of Liability & Financial Lines business in East China Hub within AIG China. He has more than 12 years of underwriting experience in the insurance industry. After joining AIG China in 2004, Enoch has been focusing on the underwriting  and promotion of Merger & Acquisition Insurance, PE/VC Insurance, Cyber Insurance, Directors & Officers Liability Insurance, Professional Indemnity and Kidnap & Ransom Insurance. Enoch led or participated in the underwriting, design and implementation of many major insurance programs in China. Enoch is a member of Academy Research Committee of the Youth of Shanghai Insurance Institute. Enoch graduated from Shanghai Tongji University with a Master’s degree in Finance and Insurance.

Contact Enoch Zhou Today: Enoch-YN.Zhou@aig.com

Jin Seung Moon
Assistant Vice President
Head of Financial Lines. AIG Korea Inc.

Jin Seung Moon is an insurance professional with over 17 years’ experience across the Various business divisions in Korea P&C Market. Joining AIG Korea in 2000, Jin Seung has consistently maintained a profitable portfolio in AIG. He has also shown excellent managerial skills for P&L management, strategic planning, talent development, distribution channel development and local regulator engagement. Furthermore, Jin Seung has developed a series of strong market relationships with most of the significant business partners in the Korea P&C insurance market.

He has a proven track record as a manager of people having disciplined his underwriters develop technical underwriting skills, assisting them in growing strong accountability as well. With his 17 years of AIG commercial lines experience, deep market relationships and strong management skills Jin Seung has significantly contributed AIG Korea financial lines advance its strategic goals including accelerated growth in the traditional lines of business such as PI and D&O, managing our assumed reinsurance relationships and developing the retail and agency channels. Jin Seung is also developing some non-traditional strategic channels such M&A business , treaty RI.

Prior to joining AIG Korea, Jin Seung Moon worked for Hami Pharmaceutical Korea Co., Ltd. Jin Seung Moon holds a Master of Business Administration (Macroeconomics) from University of SOGANG in Seoul Korea.

Contact Jin Seung Moon today: jinseung.moon@aig.com

Yen Yen Lai
Head of Financial Lines
Singapore

Yen Yen joined AIG in 2011 and held several roles of increasing responsibility within the Financial Lines Department before her appointment as the Profit Centre Manager for Financial Lines Singapore. In this role, Yen Yen manages the entire suite of Financial Lines products including Directors’ and Officers’, Professional Indemnity, Crime, Cyber and Financial Institutions.

Prior to AIG, Yen Yen was with Jardine Lloyd Thompson (JLT) as a risk consultant, providing bespoke solutions to clients in respect of Financial Lines products. With over 14 years’ experience in the Financial Services industry across banking and insurance, Yen Yen brings a different perspective in managing the portfolio.

Yen Yen graduated from the National University of Singapore with honors in Finance.

Contact Yen Yen Lai today: Yen-Yen.Lai@aig.com

Canon Liu
D&O Manager Financial Lines
AIG Insurance Hong Kong Limited

Joining AIG in 2008 in Taiwan, Canon started his career as a Financial Lines underwriter writing D&O and Crime Insurance. He created strong networks with producers and clients by hosting many marketing initiatives and several critical claim meetings. He was promoted to be the product manager of D&O and Crime insurance of Taiwan in 2011.

He successfully introduced and localized Dragaonshield D&O policy into Taiwan in 2012 and maintained AIG’s market leading position.

In 2014, he transferred to Hong Kong as the manager of Financial Lines Hong Kong overseeing the portfolio of D&O and Crime insurance for Commercial Institutions. He not only handles major and complex accounts but dedicates his works in the product development of D&O. He launched a groundbreaking D&O excess policy “Dragonshield Regulatory Excess X2” in April of 2017 in Hong Kong Market.

Contact Canon Liu Today: Canon-CN.Liu@aig.com

Adam Suplina
National Manager – Corporate
Financial Lines
Australia

Adam Suplina is an insurance professional with over 14 years’ experience. Since joining AIG in 2003 in Australia, Adam has worked with a variety of partners to build client centric insurance solutions. Adam currently manages the Australian Corporate Segment, Financial Lines across both Commercial / Financial institutions.

Adam brings a wealth of underwriting knowledge developed over the years, with a passion and focus for D&O and Prospectus Liability. He has led innovation for AIG around Gold Complete suite of products and emerging threats.

Adam holds a Bachelor of Business (Hon) in Finance/Marketing from the University of Technology, Sydney. During his studies, he delivered a thesis and model on "The probabilistic approach to the prediction of Corporate Bankruptcy; the Australian Experience".

Contact Adam Suplina today: Adam.Suplina@aig.com

Katie Young
Co-Head of Liabilities and Financial Lines
New Zeland

Katie Young returned to AIG New Zealand as the Financial Lines Manager in 2015.  In 2016 Katie gained additional responsibilities as Head of Liability and Financial Lines where she has been tasked with bringing together the Casualty and Financial Lines teams to provide a seamless liability experience for the New Zealand broker market.

Prior to re-joining AIG Katie led the liability team of one of New Zealand’s major insurers. 

Between 2000 and 2006 Katie was at AIG specialising in D&O insurance and companion covers   in both the Australian and New Zealand markets.

Katie has strong product knowledge and an extensive network of market relationships. Katie and her team are responsible for underwriting and growing the liability book of business for AIG New Zealand, through relationships and education of brokers and end clients. 

Katie is a Senior Associate of the Australian and NZ Institute of Insurance and Finance.

Contact Katie Young today: Katie.Young@aig.com