PHILADELPHIA--(BUSINESS WIRE)--ACE Private Risk Services, the high-net-worth personal lines business of the ACE Group, and ARIS Title Insurance Corporation, the world’s first underwriter of title insurance for fine art and other precious collectibles, and a member of Argo Group International Holdings, Ltd., today announced a strategic marketing initiative to help individuals, wealth advisors, and institutions understand and address the full range of property and title risks involved with collecting fine art, antiques, jewelry, and other precious items.
“Many of our clients have highly valued collections and need sophisticated advice about how to protect them,” said Bob Courtemanche, Division President, ACE Private Risk Services. “This marketing alliance allows us to broaden our risk management discussion with agents and clients by addressing the potential risk of third-party title claims to works they possess and the significant legal and economic costs that can ensue.”
“While the policies and services we offer help serious collectors confront the risk of loss due to an array of physical hazards and theft, only a licensed title insurance company can provide the correct solution for ownership and legal authority-to-sell issues,” added Mr. Courtemanche. “We’re pleased to be working with ARIS, the industry leader, in that regard.”
ARIS art title insurance manages the financial and legal risks for private parties and public institutions owning or transacting art, as well as the corollary professional liability risks for advisors, trustees and other third-party fiduciaries who act for the legal owners and beneficiaries of this asset class.
“We know that collectors and wealth advisors also should have property insurance or loss prevention as a top-of-mind issue,” explained ARIS Chairman Lawrence M. Shindell, “and that they might not realize – until it is too late – that a work is undervalued or not covered for a certain cause of loss, and that includes title related losses. It is important that collectors and wealth advisors understand the difference between property insurance coverage and true title insurance coverage for certain kinds of losses. Our partnership with ACE Private Risk Services gives us each the opportunity to bring more value to our respective clients by raising such issues and then presenting clients with best-in-class solutions.”
“We look forward to working closely with ACE Private Risk Services and its network of independent agents and brokers to deliver this cohesive risk management message, achieved by presenting solutions for both fine-art title and property coverage,” said ARIS President Judith L. Pearson.
ARIS Title Insurance Corporation is the recognized global authority on the subject of legal title risks impacting the fine art and collectibles market worldwide. It is the only insurer to underwrite true title insurance for fine art and other important collectibles, and serves the art market generally and the fiduciary banking, legal, museum and broader non-profit communities. ARIS, a wholly-owned subsidiary of Argo Group International Holdings, Ltd., is a New York State domiciled title insurance company, and serves the art market and related businesses in the fiduciary banking, legal, museum and non-profit communities. ARIS developed the field of art title insurance and currently offers the world’s only art title insurance program, the ATPI® title policy. Coverage is offered to museums, auction houses, financial institutions and individual and for-profit institutional collectors who seek to mitigate the financial exposures associated with title when transacting fine art and important collectibles. ARIS is headquartered in New York, NY. More information about ARIS is available at www.aristitle.com and www.argolimited.com.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD
Argo Group International Holdings, Ltd. (NasdaqGS: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo's U.S. insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong) with a stable outlook, with the exception of ARIS, which has yet to be rated but whose policies, pending ARIS’s rating, are guaranteed through a rated subsidiary of Argo Group. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
About ACE Private Risk Services
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. 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.