ACE Launches High Net Worth Personal Insurance Business in Canada
March 31 2015 - 8:43PM
Business Wire
- Specialized coverages and services
offer risk management solutions to financially successful
individuals and families with properties in Canada and around the
world
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)
ACE GroupAmy Shillingford,
441-299-9365amy.shillingford@acegroup.com
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