- Specialized coverages and services offer risk management solutions
to financially successful individuals and families with properties in
Canada and around the world
Company Website:
http://www.acegroup.com/ca
TORONTO -- (Business Wire)
ACE
Group today announced the launch of its high net worth personal
insurance capabilities in Canada through ACE Private Risk Services. By
leveraging the strength and expertise of ACE’s global network, the
business will offer superior insurance solutions for Canadians as well
as Americans and other foreign citizens with properties in Canada.
Andy Hollenberg, Canada Country President for ACE said, “Independent
agents and brokers, and the financially successful individuals and
families they advise, stand to benefit from the comprehensive and
convenient ‘portfolio’ approach of ACE Private Risk Services.” ACE’s
program features a highly customizable and specialized package of
policies that can include home, valuable collections, watercraft,
umbrella liability, and, through an alliance with CAA Insurance*, auto
insurance. “The portfolio approach helps minimizes coverage gaps and
wasteful duplications in coverage,” Mr. Hollenberg continued, “while it
also makes the program easier to manage for both the agent or broker and
client. In many cases, billing for all the policies can be consolidated
on one statement.”
The launch in Canada begins in Ontario and is led by James Hasley,
Senior Vice President, Canada Country Manager for ACE Private Risk
Services, who has more than 20 years of experience in the high net worth
personal insurance business. This development for the Canadian insurance
market continues ACE Private Risk Services’ mission of serving high net
worth individuals and families with properties around the world. In
2014, ACE Private Risk Services added the ability to insure properties
and other exposures in seven European countries – the United Kingdom,
France, Italy, Spain, Portugal, Switzerland, and Monaco.
“We see a tremendous opportunity in Canada, where the high net worth
personal insurance market exceeds $1 billion in premium,” said Mr.
Hasley. “Many financially successful individuals and families remain
with standard insurance companies that may lack the specialized
coverages they actually need. ACE’s approach provides customized
coverages and services to offer a comprehensive risk management
solution, making it easier for independent agents and brokers to attract
and better service this important client group.”
In addition to specialized coverages and an easy-to-manage package
approach, the advantages that ACE brings to the Canadian market are:
- Comprehensive cross-border solutions: Many high net worth
families in Canada have properties in the U.S., especially in Arizona,
California, and Florida. ACE offers a seamless process for insuring
risk exposures anywhere in the U.S., as well as the seven Europe
countries previously listed.
- Ease of doing business: ACE’s policy management system will
enable brokers to issue quotes, policies, and policy endorsements in
real-time through a simple interface, allowing brokers to spend more
time advising clients and less time handling routine administrative
tasks.
- Quick decision-making: ACE has built a dedicated team for ACE
Private Risk Services in Canada, so that when agents and brokers need
to deliver a unique solution for a client with a complex or unusual
risk profile, they can depend on quick decision-making from
experienced local experts.
- Unmatched, innovative coverages: The program offers a unique
collection of specialized benefits, such as: $100,000 of coverage for
identity fraud expenses; options for uninsured/underinsured liability
coverage that is not limited to motor vehicle incidents, employment
practices liability coverage for families who have domestic staff, and
directors and officers coverage for unpaid board members of charitable
organizations; and the Deductible Reserve for choosing a homeowner
deductible of $2,500 or more. The Deductible Reserve effectively
reduces the homeowner deductible by 10 percent for each consecutive
claim-free year on the policy.
- A proven auto insurance solution: The strategic alliance ACE
has formed with CAA Insurance to supply the Canadian auto coverage
component of the program means that agents, brokers, and their high
net worth clients can depend on a competitive and stable solution for
this critical need.
- Superb claims service: All claims, including those for auto,
will be handled by a dedicated claims team in Canada trained
specifically to serve high net worth clients with the same commitment
to service excellence found in the U.S., where 97 percent of clients
responding to a survey after receiving a claim payment would recommend
ACE to other family members or friends.
- Financial strength: For their home, valuable collections, boat,
and umbrella liability policies, clients can depend on the financial
strength of ACE’s underwriting company in Canada, ACE INA Insurance,
which is rated “A++” by A.M. Best and AA- by S&P.
About ACE
ACE Private Risk Services is ACE Group’s high net worth personal
insurance business, which provides specialty coverage for homeowners,
automobile, recreational marine, umbrella liability and collections
insurance for financially successful individuals and families. Policies
in Canada are issued by ACE INA Insurance. Additional information can be
found at: www.ace-prs.ca.
ACE in Canada operates as ACE INA Insurance and ACE INA Life Insurance,
subsidiaries of ACE Limited (NYSE: ACE). ACE provides commercial
property and casualty and life, accident and health insurance products
and services throughout Canada. For more information about ACE and our
products and services, please visit www.acegroup.com/ca.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance, and life insurance to a
diverse group of clients. ACE Limited, the parent company of 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,
or follow ACE on Twitter, https://twitter.com/ACEGroupNA.
* CAA Insurance Company (Ontario)
Contacts:
ACE Group
Amy Shillingford, 441-299-9365
amy.shillingford@acegroup.com
Source: ACE Group
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