MANCHESTER, UK--(BUSINESS WIRE)--ACE UK (NYSE:ACE) has today launched a multinational cover addressing the compliance challenges faced by companies operating in multiple regulatory regimes. The move is part of ACE GPSSM (Global Programme Solutions), a new client-focused platform to support the delivery and management of multinational clients’ insurance programmes and risk exposures.
In addition to providing local policies in relevant territories, and non-admitted polices where permissible, ACE’s master multinational policies will indemnify a business’ parent company on a DIC/DIL (difference-in-conditions/difference-in-limits) basis, for its own financial loss and not the losses suffered by their overseas entity. This approach will help businesses to better address legal and tax requirements with contract certainty and clear accountability in major programmes across multiple jurisdictions.
Phil Sharpe, Director of Casualty and Major Risks, ACE UK & Ireland, said: “The ability to operate effectively across different regulatory and legal regimes is increasingly important to multinational businesses. ACE GPSSMenables us to meet this need and offer multinational clients the most effective and compliant global solution available.”
ACE GPSSM brings together the company’s global capabilities including the full range of Property & Casualty, Specialty and Accident & Health lines, its underwriting, international network, global client management, servicing and claims expertise.
As an integral part of the platform, the company has launched a web-based portal called ACE WorldviewSM. The portal enables risk managers to monitor and manage their entire global insurance programme, including information on all policies and claims from their desktops.
Other features to be offered as part of ACE GPSSM include access to the ACE Insurance Directory, the company’s own research tool used by its underwriting, account management and legal teams and Global RiskAdvantage, ACE’s multinational loss-reporting tool.
Phil Sharpe said: “ACE GPSSM is designed to provide risk managers and brokers access to the full range of our global capabilities within a dynamic platform that will provide a tailored solution to businesses across sectors and geographies.
“ACE GPSSM represents a significant step in our commitment to support multinational businesses. As one of very few truly global insurers, we work with our clients to ensure that they continue to grow in the current economic climate and beyond.”
Celebrating 25 years of insuring progress, the ACE Group 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 and commercial and individual customers in more than 170 countries.
Additional information can be found at: www.acegroup.com
ACE is well known for its experience and expertise in catering for medium to large clients worldwide. ACE in the UK & Ireland is structured into two core segments:
The Major Risks segment provides property, casualty, accident & health and other specialty insurance products. Major Risks 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.
The Corporate Risk segment provides property, casualty, accident & health and other specialty insurance products. Target clients are broadly defined as those with turnovers of more than £5m and 50 plus staff with conventional insurance programme requirements.
ACE UK & Ireland’s five regions are:
For more information please go to www.aceeurope.co.uk
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