LONDON--(BUSINESS WIRE)--ACE today announced a new operating structure in the UK and Ireland with the creation of two distinct business segments, a new senior regional management structure and the launch of a suite of cross-class products targeting a range of business sectors.
The two business segments are Major Risks and Corporate. These will focus on delivering responsive technical expertise and service support, aligned directly to the needs of brokers and clients in each of these segments. The segments will have dedicated underwriting and business development teams covering both P&C and A&H.
The Corporate segment will focus on distribution to the UK and Ireland mid-corporate sector, providing brokers with access to ACE’s broad P&C and A&H product and service proposition, with underwriting and sales activities for both classes working closely to ensure a seamless service. Pat Drinan, currently National Distribution & Development Director for UK & Ireland, will become Director of Corporate Risk.
The Corporate segment strategy will see ACE extending its commitment to the regional operations by establishing a senior level management structure covering five regions supporting the 11 branch offices. The structure will provide each region with strong local leadership and direct accountability for their operations and performance. The appointment of the five senior regional managers will be announced shortly.
ACE will also be launching a series of multi-line products targeted at specific industry sectors, ranging from retail to construction, designed to offer a range of relevant covers reflecting the specific needs and buying patterns of brokers and their clients in this segment.
The Major Risks business segment is headed up by Phil Sharpe, Director of Casualty and Major Risks. This segment has already established its position by aligning the Major Risks team’s capabilities, approach and structure to supporting its defined distribution partners. The aim is to affirm its position as a true market leader in the segment by implementing a clear client service culture continuing to offer brokers expertise and a responsive structure to support their needs.
Richard Pryce, President, ACE UK, said: “These changes represent a significant investment in ACE’s platform. These developments will enable us to build our presence further with a structure that better aligns our service capabilities and underwriting expertise directly with the needs of brokers and clients. Increasing local empowerment and facilitating broker access to a broader range of products are key to achieving our ambitious growth plans for the UK and Ireland business.”
Andy Hollenberg, Senior Vice President Accident and Health, ACE Europe, said: “Establishing a seamless product proposition makes clear sense. Working with our P&C colleagues to broaden and strengthen our distribution of all products provides a very competitive and compelling offering to brokers.”
To compliment the new segments and regional structure ACEOnline, the company’s web-based broker platform, will also be enhanced to target smaller and medium sized businesses. The platform, which already provides brokers with access to a range of P&C and A&H products, will be extended to expand the scope of A&H business in this area.
Notes to Editors
The Major Risks segment provides P&C and A&H lines. Clients are broadly defined as companies with a turnover of greater than £500m and employing a full time global risk manager requiring non-conventional insurance programmes.
Corporate segment provides P&C and A&H lines. Clients are broadly defined as those with turnovers of between £5m to £500m and 50 plus staff with a conventional insurance programme requirement.
ACE UK & Ireland’s five regions will be:
ACE European Group has established branch offices in 20 countries across Europe, Freedom of Services permission to provide insurance services to clients in 30 European countries and affiliates in Egypt, Bahrain, Pakistan, Russia and South Africa.
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), 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
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