LONDON--(BUSINESS WIRE)--ACE Group today announced that it will offer increased insurance capacity of up to US$100m/ €100m (previously US$50m/ €50m) for terrorism, political violence and war risks as it further builds its market-leading proposition in response to evolving threats and increased demand from multinational clients.
The announcement follows new research by ACE which shows that 68% of risk managers across Europe, the Middle East and Africa believe that terrorism is a growing concern for business, and 75% agree that recent global events are causing them to review their security and travel policies.1
The increased capacity will be available to brokers and their clients in the UK and Continental Europe and is designed to meet the needs of large, multinational businesses with growing global exposures.
Since 2008, ACE has steadily invested in building its terrorism and political violence insurance capabilities and provides brokers and clients with comprehensive cover for the full spectrum of perils. In addition to standalone cover, the company also offers an integrated proposition specifically designed to cover the gaps between traditional property and business interruption, terrorism and political violence insurance policies2.
Piers Gregory, Terrorism and Political Violence Underwriting Manager, ACE Overseas General, said:
“Brokers and clients are looking for certainty to confront the challenges of an increasingly volatile global environment. They want to ensure that their assets and people have appropriate terrorism and political violence cover wherever they are located and however the threat manifests itself – be it terrorism, civil disturbance, riot, political violence or even full-blown war.”
“The increase in capacity to US$100m demonstrates our commitment to responding to growing client demand for certainty and comprehensive cover across the full range of perils. As the needs of our clients become increasingly international, ACE is also one of the few insurers with the multinational capability to help them design the compliant global insurance programmes that they need in an ever more globalised operating environment.”
About ACE Group
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 the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
ACE UK & Ireland’s five regions are:
∙ Ireland (Dublin and Belfast) ∙ Scotland (Glasgow, Aberdeen) ∙ The North (Leeds, Manchester, Newcastle) ∙ Midlands (Birmingham) ∙ London and South East (London, Maidstone, Reading, Watford)
Additional information can be found at: www.acegroup.com/uk
1 ACE Emerging Risks Barometer, July 2015
2 This is known as ACE Shield in the UK