Press release from Business Wire
ACE Expands Critical Catastrophe Capacity in North America
Friday, July 12, 2013
ACE Expands Critical Catastrophe Capacity in North America09:33 EDT Friday, July 12, 2013
PHILADELPHIA (Business Wire) -- The ACE Group today announced an increase in critical catastrophe limits to $30 million across all its North American retail and wholesale broker-distributed commercial property lines of business. This capacity will be offered through ACE's extensive network of property businesses, which includes customized fronting and captive solutions, ACE's Specialty Catastrophe Unit, a full range of innovative wholesale products, and comprehensive inland marine insurance services. The benefits of this broad wholesale and retail offering are amplified by ACE's history and stability within the property marketplace, proven claims expertise, and dedicated engineering services.
“ACE has a long history in the property business delivering sophisticated risk transfer and multinational fronting capabilities with proven claims performance. We are pleased to offer more meaningful property capacity to our distribution partners and clients. This added capacity, coupled with our domestic and international infrastructure and our ability to offer a deep suite of additional products, ensures ACE will continue to be a valued partner to our brokers and clients,” said John Lupica, Chairman, Insurance – North America. “Since consolidating the structure of our property businesses in 2009, we have been able to distribute capacity where our clients need it most. With this increase, clients will further benefit from ACE's ability to coordinate capacity across our retail and excess & surplus (E&S) lines businesses in North America.”
“We're excited to offer this expanded capacity in response to our customers' needs,” said Paul McNamee, Division President, ACE Property and Specialty Lines, North America. “This offering emphasizes ACE's commitment to respond to our clients where they need us most, and to supplement the value we bring to their multinational and captive fronting, engineering and traditional capacity needs.”
ACE is one of the nation's leading property insurers, providing comprehensive solutions that are customized to address the broad range of risk management issues facing businesses today. The increase in critical catastrophe limits is available to all U.S. and Canada- based wholesale and retail property and inland marine units:
- The Commercial Property unit focuses on the risk transfer needs of domestic and multinational clients nationwide. Through nine regional offices across the United States, this group provides significant risk and catastrophe capacity to a broad range of clients in both industry and scale. This unit focuses on the distribution of core property products through retail distribution partners across the country.
- ACE's Specialty Catastrophe unit focuses on solutions for clients where traditional property insurance may not match their unique needs or where deductible levels have exceeded the client's appetite for risk, often brought about through significant losses or changes in industry models. Using innovative design to maximize catastrophe protection and minimize the impact of market cycles for customers, products are developed with a client focus. These products range from flood reinstatement protection to named storm deductible buy downs, multi-year arrangements, and parametric triggered coverage for concentrated catastrophe exposure.
- The Complex Multinational Property unit provides specialized, customized fronting and captive solutions to large multinational customers and offers an experienced team of professionals with multinational expertise, superior technical program design and competitive terms. ACE's secure, web-based WorldviewSM client portal is used to implement service, and manage multinational programs across a global network of owned offices in 54 countries and partner companies in 126 countries.
- ACE Westchester provides a full range of innovative wholesale products, including layered, excess and primary coverage programs that are generally unavailable in the standard market. These include excess, surplus and specialty property products, with underwriting available for both catastrophe and non-catastrophe placements.
- ACE is a leading provider of both retail and wholesale Inland Marine insurance solutions, offering significant capacity, underwriting and loss control expertise for the specialized needs of contractors, developers, equipment fleets, infrastructure owners, trucking, warehouse operations, communications, museums and corporate art collections.
ACE's North America Property & Specialty is comprised of ACE's property-related products and services across the company's North American franchises: ACE USA, ACE Canada and ACE Westchester. ACE Property and Specialty Lines Division, part of North America Property, offers comprehensive management solutions for the property, marine, inland marine, energy and aviation insurance needs of U.S.-based companies, ranging from mid-size domestic to large multinational, as well as provide customized fee-for-service engineering consulting for long-term client loss control solutions. For more information about our range of products and services, please visit our website.
The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com .
The ACE Group
Carla L. Ferrara, 215-640-4744