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PHILADELPHIA--(BUSINESS WIRE)--The ACE Group today announced that ACE Private Risk Services, the company’s high-net-worth personal lines insurance business, was the recipient of the MarketScout 2010 Entrepreneurial Insurance Award in its Underwriting category. ACE Private Risk Services was recognized for its efforts in creating a comprehensive program to address one of the most common and costly causes of damage to homes – water damage.

After analyzing loss patterns, ACE determined that the vast majority of water damage instances could be prevented or greatly reduced with the installation of: 1) a system that automatically detects leaks and shuts off the water supply, and; 2) a battery back-up system for sump pumps. ACE then identified a best-in-class supplier for each system and negotiated discounted prices for customers. In the case of the leak detection system, credits of up to seven percent on the base homeowner premium after installation were also included. For post-loss situations, ACE also added an automatic benefit in its Homeowners policy that will pay up to $2,500 for the installation of a system to prevent a similar loss in the future. By making it even easier and more attractive for its customers to install loss prevention systems, ACE was able to more than triple the number of customers who had the leak defense system installed. Customer response to the battery backup for sump pumps was also very strong.

“We’re proud to be a recipient of this prestigious award from MarketScout, but we’re even more proud of being able to help our customers avoid or minimize loss,” said Robert Courtemanche, Chief Executive Officer, ACE Private Risk Services. “A small plumbing leak can do tremendous damage in a matter of minutes. While our coverage can minimize the financial impact, families must still endure the disruption of repair work and the potential loss of irreplaceable items. Thus, investing in water loss prevention is wise in the protection of people’s homes. In the end, everyone wins when you can prevent or minimize damage.”

MarketScout, the nation’s largest insurance exchange, and a leader in insurance industry innovation, in concert with Microsoft and the National Alliance for Insurance Education and Research, selected the award winners from participants in the 2010 Entrepreneurial Insurance Awards competition, which included admitted insurance companies, excess and surplus lines companies, retail agents, brokers, service providers, technology firms, software developers, as well as individuals. The three categories evaluated included: underwriting, distribution and technology.

ACE Private Risk Services is the ACE Group’s high-net-worth personal lines business, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and collections insurance for affluent individuals and families. Additional information can be found at: www.aceprivateriskservices.com. 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), a component of the S&P 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.acegroup.com.