ACE Adds Crime Insurance to Its ‘ACE Online’ Trading Platform

  ACE Adds Crime Insurance to Its ‘ACE Online’ Trading Platform

       Instant quotes available through web-based distribution channel

Business Wire

LONDON -- October 29, 2013

ACE Group today announced that it has added crime cover to its suite of
products on ACE Online, its web-based trading tool that allows brokers to
quote and bind specialist insurance business, as it continues to expand its
offering on this secure and efficient platform.

Jane Bennett, Product Line Head, Financial Institutions and Crime, ACE Global
Markets (Photo: Busine ...

Jane Bennett, Product Line Head, Financial Institutions and Crime, ACE Global
Markets (Photo: Business Wire)

ACE’s crime insurance proposition, which has also been available for a number
of years through its other distribution channels, comprises three main
offerings: internal crime, external crime and client cover. Internal crime
covers losses as a result of fraud or dishonesty committed by the insured’s
employees. External crime covers losses committed by third parties, as a
result of computer crime, forgery, counterfeiting, fraudulent alteration or
theft. It also provides an element of cover to the insured’s clients, where a
loss is sustained when under the care, custody and control of the insured.

Insurance is becoming an increasingly important weapon in the battle against
‘white collar’ crime. Figures from the 2013 KPMG Fraud Barometer show that
costs of fraud in the UK rose 38% to £516m for the first half of 2013,
compared with £374m for the same period last year. The average value of cases
has also jumped from £2.8m to £3.5m.

Jane Bennett, Product Line Head, Financial Institutions and Crime, at ACE
Global Markets, said:

“Despite the presence of strong regulation and the increasing prevalence of
robust internal controls, fraud is a major threat to any business,
particularly in times of economic uncertainty and periods of recession. Crime
cover, which we see an increasing demand for, delivers tangible benefits to
companies of all sizes, providing real protection to their balance sheets and
safeguarding their day to day business activities.

“By adding our crime insurance product to ACE Online, we are providing UK
brokers with the unique ability to get an instant quote for a full crime
product for a broad range of their clients, streamlining the process of
providing this crucial cover for their businesses.”

ACE Online features a variety of specialist products, including directors’ and
officers’ liability, environmental liability, marine cargo, pension trustee
liability, group personal accident and business travel.

About ACE:

The ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 53 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

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Contact:

ACE
Celine Lachevre
Marketing Manager (PR & Events)
020 7173 7489
Celine.lachevre@acegroup.com
 
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