DARCstar Celebrates One Year Anniversary with Two New Products
Willis introduces prospectus liability insurance and excess protection for non-executive directors
London, UK, May 18, 2012 -DARCstar, the revolutionary Directors & Officers (D&O) cover from Willis Group Holdings
(WSH: NYSE), has attracted 43 companies with over £300bn in annual turnover in its first year.
To mark the anniversary, Willis has introduced a new improved version of the form and launched two
new products in the DARCstar stable: prospectus liability insurance and Eclipse-an excess policy for non-executive directors
providing an additional limit and protection against insurer insolvency.
Launched on 18 May 2011, the D&O liability insurance has proved popular with top FTSE 100 and
250 companies drawn to the simplicity of the policy, which starts from the premise that all
liability risks faced by directors are covered.
Commenting on the development of the DARCstar range of D&O liability products, Francis Kean, Willis Executive Director,
Financial, Executive Risk and Professional Liability, said:
“I am delighted with the response to our new approach to D&O insurance which gives directors certainty
of indemnification, more focused cover for regulatory investigations and the peace of mind that all risks
are covered unless specifically excluded.
“Directors today also need protection against those rare but devastating high impact claims, which is why we’ve
introduced Eclipse: a one-stop solution to the threat of insurer insolvency and limit exhaustion.
“We expect demand for IPO insurance to grow as investors adopt an increasingly aggressive stance. Recent lawsuits
against News International and JP Morgan show that the need for broad D&O protection has never
DARCstar, which stands for ‘Directors All Risks Cover’, provides broad and relevant cover in a concise and
easily understood eight page policy document. DARCstar is now supported by almost all of the global
D&O insurance market, with current capacity in excess of US$500 million. Since the UK launch one
year ago, the policy has been introduced in Spain, Israel and Hong Kong. Further roll out
is planned for Scandinavia and Latin America this year.
The DARCstar public offering of securities insurance features:
- Automatic cover for secondary offerings
- Separate ring-fenced limit of cover for prospectus exposures to cover ordinary limitation
periods for any claims
- No “changes in risk” clause
- Only two exclusions
DARCstar Eclipse offers the following special features in addition to standard excess limit protection as part of
a DARCstar programme limit:
- Insurer insolvency drop down for all loss covered under a DARCstar programme.
- An additional dedicated
limit available at the insured’s election either for the non-executive directors or the whole board of
the parent company for which the sole trigger is exhaustion of the D&O insurance tower.
Loss covered irrespective of insurance or indemnification available from any other source.
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers
professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public
entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries,
with a global team of approximately 17,000 employees serving clients in virtually every part of the
world. Additional information on Willis may be found at www.willis.com.