LONDON--(BUSINESS WIRE)--ACE has today launched ACE PFI (Private Finance Initiative), a fully integrated insurance solution providing comprehensive cover and risk management advice for all aspects of a PFI project, from construction through to commissioning, handover and the resultant operational risks.
ACE PFI combines the company’s existing expertise in key PFI areas, such as construction, with other key lines including marine and environmental liability. This offers brokers and Project Managers the option of using a single insurance provider.
ACE believes that the combination of these covers, particularly environmental impairment/pollution and marine, fills current gaps in provision and is of increasing importance to protect both the insured and the broker.
According to the National Audit Office, as of December 2006, 794 PFI deals had been signed, with a combined capital value of just under £55 billion. The life of these contracts is typically 25-30 years. In view of the size of these projects and given the government’s desire to ensure the security of taxpayers’ money, contracts for PFI projects are highly complex and demanding.
ACE says that the same is true for the insurance solutions for these contracts. Alistair Macintyre, ACE’s UK & Ireland Product Development Manager explains: “PFI contracts often involve very large values and consequently require significant capacity. It is important that both brokers and insurers have an in-depth knowledge of the specific duties imposed on them by PFI contracts and a sound understanding of the construction process and operational risks presented.
“In the past PFI insurance solutions have been heavily focused on construction risks. However, the influence of EU legislation in areas such as environmental liability has a direct impact on those involved in PFI projects.
“With ACE PFI we have harnessed our underwriting experience in construction risks and the PFI sector to develop a holistic solution for a market where, until now, this has been lacking. By having one insurance provider, brokers and clients benefit from a reduction in the likelihood of any gaps in cover, better continuity and service value.
“The PFI market is uniquely challenging in terms of its complexity and scale. ACE PFI is designed to offer a comprehensive and flexible insurance solution which will satisfy the exacting demands of the PFI contract, as well as the needs of the broker, insured and financier.”
Notes to editors:
Key business line contacts at ACE for PFI are:
Construction – Mark Horan, Senior Construction Underwriter: firstname.lastname@example.org
Environmental Impairment Liability – Wayne Harrington, UK & Ireland Manager Environmental Risk:email@example.com
Liability – Charlotte Rawsthorne, UK & Ireland Commercial Casualty Manager firstname.lastname@example.org
Marine – Paul Crawford, Senior Cargo Underwriter email@example.com
ACE European Group has established branch offices in 19 countries across Europe, Freedom of Services permission to provide insurance services to clients in 30 EEA countries and affiliates in Egypt, Bahrain, Pakistan and Russia.
Part of the ACE Group of Companies, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com