April 1, 2015 by Canadian Underwriter
ACE Group announced on Monday the launch of its high net worth personal insurance capabilities in Canada through ACE Private Risk Services, which will offer insurance solutions for Canadians as well as Americans and other foreign citizens with properties in Canada.
“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,” said Andy Hollenberg, Canada Country president for ACE, in a statement.
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,” Hollenberg added, “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 began 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. According to to the company, ACE Private Risk Services serves high net worth individuals and families with properties around the world and in 2014 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,” Hasley said in the statement. “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.”
According to the company, in addition to specialized coverages, the ACE brings other advantages to the Canadian market, including the following:
• 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% for each consecutive claim-free year on the policy;
• A proven auto insurance solution: The strategic alliance ACE has formed with CAA Insurance Company (Ontario) 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.
CAA Insurance Company (Ontario) announced on Wednesday that it is unveiling CAA Distinct – a comprehensive risk management solution for high net worth members in Ontario.
CAA Distinct is a new insurance program designed specifically to address the complex risks faced by such clients, CAA said in a press release. Through CAA Distinct, members have access to a team of dedicated risk specialists who can help financially successful clients identify their unique exposures and address them with customized insurance for their unique lifestyle, including protection for high-end homes, luxury vehicles, valuable collections, family heirlooms and more, the release said.
The specialized coverage and claims handling is made possible through a strategic alliance with ACE Private Risk Services.
“At CAA, we recognize a clear need among our members for insurance coverage of their valuable assets. We are committed to delivering a tailored and personalized product with their specific requirements in mind,” said Matthew Turack, President, CAA Insurance. “The decision to develop this strategic alliance with ACE Private Risk Services fits naturally within the scope and goals of CAA Distinct, because of its excellent industry reputation, quality underwriting and exceptional financial strength and stability.”
Through CAA Distinct, clients will have prioritized service, access to a direct specialized service team, 24/7 claims service and a dedicated toll-free number. Customers will also receive timely updates throughout the claims process and consultation to prevent future claims, as well as access to repair and restoration firms.
Furthermore, CAA Distinct clients will benefit from “full replacement” coverage, which includes the cost to rebuild their home, even if the cost exceeds the value stated on the policy. Automobile clients will also receive CAA’s “forgive and forget” plan in the event of a first at-fault accident.
High net worth clients with vacation properties in the Unite
d States are also eligible for cross-border coverage through CAA Distinct, the release said.
— ACE Group (@ACEGroup) April 1, 2015
— ACE Group PRS (@ACEGroupPRS) April 1, 2015