ACE Launches High Net Worth Personal Insurance Business in Canada

April 7, 2015

ACE Group has launched its high net worth personal insurance capabilities in Canada through 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 auto insurance through an alliance with Ontario-based CAA Insurance Co.

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.

The ACE Private Risk Services policy features include:

  • Cross-border options to insure risk exposures anywhere in the U.S., as well as the seven Europe countries previously listed.
  • 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.
  • Strategic alliance between ACE and CAA Insurance to supply the Canadian auto coverage component of the program.
  • All claims, including those for auto, are handled by a claims team in Canada trained specifically to serve high net worth clients.

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