News Releases

TORONTO--(BUSINESS WIRE)--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 visitwww.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)