|By Business Wire||
|February 26, 2014 07:30 AM EST||
ACE Group today announced that it has been recognised for its market-leading proposition for UK-based captive clients for the second year running.
ACE won the ‘Innovation in fronting’ award at the second annual UK Captive Services Awards, which recognise excellence in the delivery and management of captive insurance services. The judging panel included representatives from major multinational and UK companies across a variety of industries, including construction, logistics, manufacturing, retail and leisure.
The panel concluded that ACE has outperformed its peers in the area of innovation, as measured against four key criteria: growth, client satisfaction, genuine product innovation and adaptability in the face of client demands and new regulation.
Clive Hassett, Director of Multinational Services for Europe at ACE, said:
“Captives are a segment of great importance for ACE right across Europe and our global network. This award recognises the flexibility and breadth of our proposition, which extends from full and partial risk transfer to fully-fronted programmes, captive management and rent-a-captive services.
“In particular, it also reflects our continued investment in technology developed to make the captive and risk manager’s job easier, which includes the recent introduction of innovative new premium tracking and claims tracking facilities on our market-leading ACE Worldview platform.”
Phil Sharpe, Chief Operating Officer for UK & Ireland Retail at ACE, said:
“At a time when the UK insurance industry is sometimes criticised for not being innovative enough, it is especially pleasing to be recognised by a group of leading captive and insurance professionals for innovation in fronting.
“This award, coming on the back of our award for customer service last year, demonstrates our client-centric approach to doing business and the significant investment that we continue to make to evolve our infrastructure, skills and service for the benefit of all multinational clients.”
ACE’s worldwide offering for captives encompasses full and partial risk transfer, fully-fronted programmes, captive management and rent-a-captive services. Through three wholly owned companies, Bermuda-based ACE Alternative Risk Limited & Paget Reinsurance and Delaware-based Pembroke Reinsurance, ACE provides licensed captive management services to standalone single parent-owned captives for major companies and protected cell solutions for organisations seeking the benefits of a captive programme without the administrative cost and capital required to form and manage a standalone captive.
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.