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Underwriting Boost For Canadian Flood Risks

Impact Forecasting, Aon Benfield’s catastrophe model development team, has developed a fully probabilistic flood model for Canada to help insurers and reinsurers better underwrite and manage their riverine and off-flood plain exposures. The model is licensable and can be rolled out onto insurers’ desktops for easy access. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

The summer of 2013 was a defining moment in Canada’s natural catastrophe history based on the magnitude and devastation caused by flooding in both Calgary and Toronto, becoming the costliest year in the Canadian insurance industry’s history. In the wake of these unprecedented insured and economic losses, coupled with increased uncertainty regarding water damage coverage, managing flood risk became an urgent priority for the Canadian insurance industry.

Once a non-modelled peril, the team of flood and risk experts at Impact Forecasting has developed a new model over the last two years, creating all the components in-house to ensure full ownership and understanding. The model offers a complete view of Canadian flood risk from providing underwriting data that drills down to individual locations while helping insurers to understand the impact of accumulations on their portfolios, to structuring reinsurance cover and fulfilling regulatory and rating agency requirements.

The model comprises the following innovative features:

  • Covers a geographical area representing 98% of the Canadian population.
  • Incorporates essential Canadian hazard content including local sources of spatial (GeoBase government initiative) and hydrological (Environment Canada and Le Centre d’expertise hydrique du Québec) data.
  • Combined hazard resolution of 10 metres for the most exposed areas and 30 metres for remaining parts of Canada.
  • Assesses the potential levels of damage based on loss data from Impact Forecasting’s seven other country-specific flood models and Canadian client claims information to reflect local characteristics.
  • Follows the latest scientific advances including 2-dimensional hydrodynamic modeling of all Canadian flood extents, advanced hydrological data processing and implementation of flood defences.
  • Deployed in ELEMENTS, Impact Forecasting’s loss calculation platform, the model can be used for underwriting needs through its data or as part of a third party system.

Vaclav Rara, flood model developer at Impact Forecasting, commented: “The model is unique in its spatial scope, geographical resolution and state-of-the-art hydrological innovation resulting in enhanced loss accuracy estimates. It allows essential understanding and transparency through access to underlying data and to the developers in Impact Forecasting for ongoing support.”

David Sloan, President and CEO of Aon Benfield Canada, added: "While Southern Alberta and Toronto have diligently been rebuilding their communities following the staggering floods of 2013, our in-house catastrophe experts from across the globe have focused their efforts to develop a flood model for Canada from the ground up. Based on its release, I am thrilled that we are able to provide a high-quality tool that will hopefully transform how Canadian insurers underwrite and manage their flood risks both from a location level and aggregate accumulation perspective."


Munich Re Kicks Off 2015 With A Quarterly Profit Of €790m

Munich Re has started off 2015 with a pleasing quarterly profit. The consolidated result for the first three months amounted to €790m (same period previous year: €941m). For the full financial year, Munich Re is still aiming for a profit of €2.5–3bn.

CFO Jörg Schneider was satisfied with the result for the quarter, "We have started off well, although investment has again been made more difficult by the expansive policies of the central banks. We are well on track to achieve our result target of €2.5–3bn for the year as a whole."

With respect to the outlook for the Group, Schneider said that there was still a great demand for insurance cover in many regions across the world. Often, only a small part of the risk is insured. "As a result, the strongly increasing capacity supply in the primary insurance and reinsurance sectors at present is matched by a demand potential in many classes of business that is not yet exhausted," said Schneider. "Working together with present and future clients and partners, we aim to tap this potential by focusing all of the Group's extensive knowledge even more strongly on innovations."

Summary of the figures for the first quarter 2015
The operating result of €995m was below the figure for the same quarter last year (€1,327m). The amount posted under "other non-operating result" showed an increase of €121m to €6m (–115m), mainly due to foreign-exchange effects. Taxes on income totalled –€151m (–215m). Despite share buy-backs amounting to €0.3bn in the first quarter of 2015, equity capital rose by 14.7% to €34.8bn compared with the year-end figure of €30.3bn, mainly due to the quarterly profit, favourable foreign exchange effects, and the increase in on-balance-sheet net unrealised gains on investments triggered by low interest rates.

The annualised return on risk-adjusted capital (RORAC) amounted to 11.7%. The return on the strongly increased overall equity (RoE) totalled 9.7%. Gross premiums written grew by 0.9% to €13.0bn (12.9bn). If exchange rates had remained the same, premium volume would have fallen by 5.4% year on year.

Reinsurance: Result of €668m
The reinsurance segment contributed €668m (768m) to the consolidated result. The operating result fell by €258m to €758m. Gross premiums written climbed by 2.2% to €7.0bn (6.9bn), mainly owing to the development of exchange rates.

Life reinsurance contributed €71m (122m) to the consolidated result.

Property-casualty reinsurance accounted for €597m (646m) of the result for the first three months of the year. The combined ratio was a pleasing 92.3% (86.9%) of net earned premiums. As claims notifications for "basic losses" from prior years remained appreciably below the expected level overall, Munich Re was able to release reserves in the amount of around €165m, corresponding to 4.0 percentage points of the combined ratio. Munich Re is also continuing to aim to set the amount of provisions for newly emerging claims at the very top end of the estimation range, so that profits from the release of a portion of these reserves are possible at a later stage.

In the first quarter, overall loss expenditure for major losses totalled –€255m
(–39m). Natural catastrophe losses amounted to around –€66m (–36m) and man-made major losses to –€189m (–3m), representing 1.6% and 4.6% of net earned premiums respectively. Windstorm Niklas, which crossed Europe at the end of March, caused heavy losses, for which Munich Re expects expenditure of–€40m in reinsurance. Cyclone Pam, which devastated the South Pacific island nation of Vanuatu in the middle of March, cost Munich Re –€30m. The largest man-made individual loss for the period was –€35m for a fire at a US refinery.

Torsten Jeworrek, Munich Re’s Reinsurance CEO, said with respect to the renewals at 1 April 2015, “Pressure on prices, terms and conditions remained high, so we are adhering strictly to our consistent cycle management. But as we were able to take advantage of selective opportunities in individual markets, our premium volume nevertheless increased slightly." A premium volume of around €1bn was up for renewal at 1 April 2015, as against €9.4bn in January. About a fifth of this concerned the Japanese market, and another 60% North America and worldwide business. At slightly below 40%, natural catastrophe business, which is subject to particularly significant price pressure, accounted for a relatively high percentage of this volume. At –2.6%, the fall in prices was therefore greater in comparison with January, but far less pronounced than in the renewals of April 2014.

The renewals at 1 July 2015 mainly involve treaty business in the US market and in Australia and Latin America, with a premium volume of around €2.1bn up for renewal, with natural catastrophe covers accounting for approximately 21%. Munich Re expects the environment to remain competitive provided the market is not affected by major loss events.

ERGO field of business: Result of €99m
In the first quarter, the ERGO field of business generated a profit of €99m (153m). The operating result fell by 24.8% to €215m (286m). The combined ratio in the Property-casualty Germany segment for the first three months of 2015 worsened to 98.1% (95.4%). The largest loss event was Windstorm Niklas, for which ERGO expects expenditure of –€17m. The combined ratio in the ERGO International segment for the same period was 98.7% (94.9%).

Total premium income across all lines of business increased slightly by 0.7% in the first quarter of 2015 and came to €4,870 (4,838m), while gross premiums written were up by 0.4% to €4,585m (4,565m) in the first three months. In the Life and Health Germany segment, gross premiums decreased by 2.4% to €2,412m (2,471m), and in the Property-casualty Germany segment they remained at a similar level to the previous year at €1,193m (1,180m). In the ERGO International segment, gross premiums increased by 7.2% to €980m (914m).

ERGO CEO Torsten Oletzky commented, "The result for the early months of the year is encouraging. We are well on track to meet our targets for the year."

Munich Health: Profit of €23m
The Munich Health field of business generated a profit of €23m (20m) in the period from January to March, but the operating result declined to €22m.
Munich Health's gross premiums written showed a year-on-year decrease of 3.9% to €1,443m (1,501m) due to a reduction in its share of a large-volume treaty. A favourable contribution came from positive effects from exchange rates, particularly the Canadian dollar. The combined ratio totalled 100.4% (99.7%). With effect from 1 January 2015, Munich Health sold its 75% shareholding in DKV Luxembourg to La Luxembourgeoise, which already held the remaining 25%.

Investments: Investment result of €1.8bn
With a carrying amount of €231.1bn (market value of €251.3bn), total investments (excluding insurance-related investments) as at 31 March 2015 were up on the year-end 2014 figure of €218.9bn (235.8bn at market value). The increase is due above all to higher market values as a consequence of falling interest rates and the weak euro.

The Group's investment result (excluding insurance-related investments) decreased to €1.8bn (2.0bn). In the course of the liquidation of Heta Asset Resolution AG, Munich Re posted a write-down on its fixed-interest portfolio with an impact on the result of about –€30m, which is attributable exclusively to ERGO. Changes in the value of derivatives had a negative effect of –€706m for the first three months. The balance of gains and losses on disposals excluding derivatives was around €1bn. Overall, the investment result represents a pleasing return of 3.0% on the strongly increased average market value of the portfolio.

Munich Re's equity-backing ratio at 31 March 2015 fell to 4.2% (31 December 2014: 4.3%) including equity-linked derivatives. Fixed-interest securities, loans and short-term fixed-interest investments continued to make up the largest portion of Munich Re's investments, ¬with a share of around 88% at market value. While the yields of many European government bonds fell to record lows in the first quarter, the level of long-term interest rates in the USA was somewhat higher – although these also fell during the course of the quarter. At present, 16.2% of Munich Re's government bond portfolio is made up of US bonds.

CFO Jörg Schneider was satisfied with the investment result, "Our active asset management has especially generated high gains on disposals from our equity portfolio. Despite broad diversification, we are feeling the effects of extremely low interest rates on our portfolio even more keenly, but we will not seek to make up for the shortfall by adopting a more risky investment strategy."

The Group's asset manager is MEAG, whose assets under management as at 31 March 2015 included not only Group investments but also segregated and retail funds totalling €15.1bn (13.9bn).

Outlook for 2015: Group result target of €2.5–3bn confirmed
Expectations for 2015 have scarcely changed in comparison with the figures given in the 2014 Annual Report that was published in March. The Group now anticipates that for the financial year 2015 its gross premiums written will be in the range of €49–51bn. The increase of €2bn compared with its original forecast is chiefly due to positive currency translation effects. In the reinsurance field of business, gross premiums written are now expected to total around €28bn. For Munich Health, around €5.5bn in gross premiums written are currently projected, also chiefly on account of favourable currency translation effects.

In property-casualty reinsurance, Munich Re is now aiming for a combined ratio of only around 97% of net earned premiums for 2015; the improvement by one percentage point in comparison with the March forecast is due to the low incidence of major losses in the first quarter.

The Group is still aiming for a consolidated result in the range of €2.5–3bn, subject to large losses being within normal bounds and to its profits not being affected by severe movements in exchange rates or the capital markets, significant changes in fiscal parameters, or other exceptional factors.

CFO Schneider emphasised, "Our good capital position allows us to continue making targeted use of opportunities for profitable growth in individual regions and lines of business. In the long term, above all we want to grow profitably with innovative business."


Cigna Global Health Benefits Appoints Javier Cano European Managing Director

Cigna (NYSE: CI) has named Javier Cano as Managing Director of its Global Health Benefits business in Europe to ensure the growing number of globally mobile customers benefit from Cigna's global capabilities and local expertise. 

Cigna Global Health Benefits is a leading provider of group healthcare and employee benefits solutions for globally mobile employees of small, medium and large businesses, multinational corporates and IGOs/NGOs. We are a truly international organisation with operations in more than 30 countries and over 50 years of experience. Currently, Cigna provides global health care insurance benefits and related services to more than one million customers worldwide. 

Javier joined Cigna in 2006 as Business Development Director for the Spanish business. In 2010 he launched Cigna’s Individual PMI business in Europe, building new direct channels alongside established intermediary distribution. Javier then became Spain Country Manager for Cigna in 2011 where he has successfully grown the business across the individual, domestic and global benefits’ segments. He will continue to lead Cigna’s business in Spain as part of his new role.

While Javier continues to be based in Madrid, he leads a team operating across Europe with key operational hubs in UK, Belgium and Spain.

Javier commented, “I’m delighted to bring together Cigna’s resources in Europe at a time when global mobility and demand for health benefits are both increasing. There’s no doubt that global mobility has an important part to play in economic growth. And I’m confident that Cigna is well-positioned to support the different global health benefits needs of employers across Europe.”

Cigna Global Health Benefits is part of Cigna, a US-based global health service company, dedicated to helping the people we serve improve their health, well-being and sense of security. To learn more please visit  and 


Anthem Expands Affordable Mountain Health Plan To Small And Large Employers

Anthem Blue Cross and Blue Shield in Colorado (Anthem) announced the expansion of its new lower cost mountain health plan, created in partnership with a community hospital in Eagle County and the region’s leading health care provider, to large and small group employers.

Anthem in January began selling a new health plan created in collaboration with Vail Valley Medical Center in Eagle County and Centura Health -- which includes St. Anthony Summit Medical Center, Mercy Regional Medical Center and a network of about 75 providers in Summit, La Plata and Montezuma counties – to individuals purchasing insurance on and off the Colorado health exchange marketplace. The expansion now allows small and large employers in Eagle, Summit, La Plata and Montezuma counties to purchase Anthem’s Mountain Enhanced HMO plan effective July 1.

Mountain Enhanced is exclusive to the Centura Health network and Vail Valley Medical Center, and brings together three organizations committed to finding ways to enhance the availability of, and accessibility to, quality health care services across the full continuum of need at reduced costs. This plan helps to keep health care local, giving residents the ability to receive care from physicians and providers in the communities where they live and work, while addressing the high health insurance premiums in Colorado’s mountain communities.

“Anthem is very pleased with the reception Mountain Enhanced has received from individual consumers, which is why we’re excited to expand it to an even broader market as part of our commitment to ensure that high quality, high value health care remains accessible and affordable throughout Colorado,” said Mike Ramseier, president and general manager, Anthem Blue Cross and Blue Shield in Colorado.

“We continue to find ways to expand our partnership to support accessible health care solutions for our mountain communities,” said Gary Campbell, president and CEO, Centura Health. “By expanding this plan, we are helping to improve their access to high-value care, at an affordable cost in their own community.”

Mountain Enhanced Blue will include Anthem’s unique benefits such as its 24/7 nurse line and 360 degree health and wellness programs like Condition Care, which helps members with complex medical conditions receive help following their doctor’s care plan.

“As Eagle County’s nonprofit community hospital, we are committed to finding viable initiatives to address rising health insurance premiums,” says VVMC President and CEO Doris Kirchner. “Mountain Enhanced is a good option for businesses to provide quality healthcare close to home and at a reduced premium.”




Critical Considerations When Designing International Private Medical Health Insurance Plans

Introducing a business into new emerging markets is the response from worldwide business owners to the pre-eminent mega trend that is globalisation. Establishing a global footprint may be of pivotal importance to a wide range of industry, and according to PWC, cross-border assignments are showing no signs of a slowdown. In fact, 59% of CEOs plan to send more staff on international assignments with predictions that global corporate travel and international assignments will increase 50% by 2020.

In the most recent exclusive iPMI Magazine Medical Insurance Round Table, we spoke with leading C-Level Executives at ALC Health, Cigna Global Individual Private Medical Insurance, GeoBlue and Globality Health, about the importance of individual iPMI and how to best approach plan design.


March Windstorms Cause Billion-Dollar Damage Across Europe

Windstorm Niklas recorded as costliest non-U.S. event in first quarter 2015

Impact Forecasting, Aon Benfield's catastrophe model development team, have launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during March 2015. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

The report reveals that Windstorms Mike and Niklas swept through western and central Europe at the end of March, killing at least nine people and causing widespread damage. Hurricane-force winds were noted in parts of Germany, the UK, Netherlands, Switzerland, Austria, and Poland, with Germany sustaining the most significant damage. Based on preliminary damage reports from each country and local insurers, it is expected that total economic and insured losses are each likely to exceed USD1.0 billion.

Adam Podlaha, Head of Impact Forecasting, said: "The costly losses endured from windstorms Niklas and Mike further highlight the importance of using catastrophe models to forecast the peril in Europe. Impact Forecasting successfully released an event footprint within 48 hours of Niklas' passage – expected to be the costliest non-U.S. event of Q1 2015 – which allowed our clients to quickly determine loss estimates while running the analysis using our ELEMENTS platform. As we move towards the historically costliest quarters of the year for the insurance industry in Q2 and Q3, clients will have the chance to learn more about Impact Forecasting's modeling and software capabilities at one of our five upcoming global conferences."

Elsewhere during the month, Cyclone Pam struck the South Pacific archipelago of Vanuatu, killing at least 11 people and injuring several others. On multiple islands, including an island including the capital city of Port Vila, 90 percent of homes and structures were damaged or destroyed as Vanuatu received a preliminary insurance payout of USD1.9 million from the Pacific Catastrophe Risk Insurance Pilot program. Pam was recorded as the strongest cyclone to make landfall globally since Typhoon Haiyan struck the Philippines in 2013.

Meanwhile, Cyclones Nathan and Olwyn made multiple landfalls in Australia, causing damage to the agricultural sector, while Super Typhoon Maysak tracked across Micronesia and killed at least nine people. After one of the quietest starts to the United States severe weather season in recent history, convective activity had increased by the end of March as two separate multi-day events caused widespread hail, straight-line wind, and tornado damage across parts of the Plains, Midwest and Southeast. Combined total economic and insured losses were anticipated to reach into the hundreds of millions (USD).

Severe winter weather again impacted the United States across regions of the Southwest, Rockies, Plains, South, Midwest, Mid-Atlantic, and Northeast, killing 13 people and causing widespread damage. Total economic losses were estimated at USD175 million, while insurers reported losses in excess of USD110 million.

In China, hail damage, predominantly to agricultural lands and construction facilities in northwestern and southern sections of the country, resulted in forecast economic losses of CNY1.7 billion (USD275 million).

A historic flash flood event swept across northern Chile's Atacama and Antofagasta regions, killing at least 25 people and damaging or destroying as many as 14,000 homes.

Multiple moderate earthquakes struck China during the month, killing two people and damaging a combined 33,000 homes. Total economic losses were listed at roughly USD40 million.


Munich Re America: Big U.S. Winter Storms - Comparably Lower Insured Loss Estimates; Record Heat and Drought Continue in the West

The cold, snowy US winter of 2014/2015 caused preliminary direct economic losses of US$ 3.2bn and industry-wide insured losses of US$ 2.3bn, compared with US$ 4.4bn direct economic losses and US$ 2.5bn insured losses for the 2013/2014 winter season. The 2014/2015 aggregated winter storm loss data is based on preliminary information from the Munich Re NatCatSERVICE and Property Claim Services (PCS), reflecting the 11 major winter storms identified by PCS.

Mark Bove, Senior GEO Research Specialist, Munich Re America, said, “The majority of winter storm claims are due to frozen pipes bursting, resulting in water damage to buildings and personal property. The remainder of insured losses across the winter season were primarily associated with roof damage due to the weight of snow and ice, freezing rain events downing trees and power lines, ice damming on roofs, and automobile accidents due to slippery driving conditions.”

The coldest temperatures during the US winter season 2014/15 occurred in February 2015, while record warm temperatures were registered simultaneously in other parts of the country, said Dr. Eberhard Faust, of Munich Re’s Geo Risks Research / Corporate Climate Centre. “If divided in two parts, the eastern part of the US in February had temperatures more than 9°F below average, while temperatures in the western US were more than 7°F above average,” Faust said.

The reason for the cold weather in the eastern US was the repeated influx of arctic air into the central and eastern parts of the country steered by a strong persistent trough of the jet stream. Several strong snow storms in late January and early February brought record snow amounts to the New England states. Boston had the biggest snowfall in that city’s history. In contrast, globally January and February 2015 were the warmest first two months of any year since the start of temperature records, according to the National Oceanic and Atmospheric Administration (NOAA).

The persistent jet stream pattern causing the cold winter on the east coast also caused record heat and continued drought conditions in California. Although a series of powerful winter storms brought heavy rains and high winds to California in early December, causing an estimated US$ 300m in insured loss, the rainfall barely made a dent in the drought. By late December, dry weather again dominated California, and would do so for the remainder of the winter, leading to worsening drought conditions. With record low levels of snowpack in the Sierra Nevada and significantly depleted levels of both surface and groundwater, the government of California implemented its first mandatory state-wide water restrictions in its history. Even with water restrictions in place, the continuing drought will likely impact California’s agricultural industry, and raise the risk of severe wildfires along the wildland-urban interface.

Bove said, “It is currently unclear whether human-made climate change played any role in the severity and duration of the 2015 winter season across eastern North America. However, new research investigating links between climate change and the northern hemisphere winter give some indications that the arctic polar vortex is more likely to become destabilized in a warmer world, potentially leading to more mid-latitude cold outbreaks.”

Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.


This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.


Phil Austin heads Cigna's UK HealthCare Benefits business

Following the recent resignation of James Parker, Cigna has announced the appointment of Phil Austin as Managing Director of its HealthCare Benefits business in the UK

Phil joined Cigna in 2002 as Partnership Director for the UK business. Since then, he has held a number of international roles within the company. Most recently, he spearheaded the growth of Cigna’s Global Individual Private Medical Insurance (IPMI) business which provides solutions for high net worth and globally mobile individuals.

Phil commented, "I’m delighted to be re-joining Cigna’s UK HealthCare Benefits business at a time when the demand for health benefits is growing. There’s no doubt that private healthcare has a bigger role to play in the overall UK healthcare system. And it’s our job as an insurer to provide benefit plans that make it easy for employees to access care whilst producing a measurable return for employers."

As Phil transitions into his new role based near Glasgow, his colleague Arjan Toor is taking over the reins at Cigna’s Global International Private Medical Insurance business. Arjan is moving to the UK from Hong Kong, where he was previously Chief Marketing Officer of Cigna’s International Division.       


AIG Completes Acquisition of Laya Healthcare

American International Group, Inc. (NYSE:AIG) today announced the completion of its acquisition of Laya Healthcare, Ireland’s second largest health insurance provider. AIG’s agreement to acquire the company was announced in January 2015.

Laya Healthcare serves 24% of the Irish private health insurance market. In addition, the company offers life, dental, and travel insurance, as well as health and wellness coverage.

Laya Healthcare will become part of AIG’s Health business, which is focused on offering creative solutions to AIG’s customers and partners in a rapidly changing global healthcare environment.

“Expansion of our Health business is critical to AIG’s Consumer Insurance strategy of meeting the broad insurance needs of consumers in markets around the globe,” said Kevin Hogan, AIG’s Chief Executive Officer of Consumer Insurance. “We look forward to working with Laya Healthcare’s experienced management team and building on and learning from its success in the healthcare space.”

AIG has been a part of Ireland’s business community for 40 years. It provides auto, home, personal accident, and travel insurance to the Irish market, as well as commercial insurance products. AIG also has a significant IT and asset management presence in the country, supporting its European and global operations.

American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

AIG Completes Acquisition of Laya Healthcare


ACE Launches High Net Worth Personal Insurance Business in Canada

ACE Group today announced the launch of its high net worth personal insurance capabilities in Canada through ACE Private Risk Services. By leveraging the strength and expertise of ACE’s global network, the business will offer superior insurance solutions for Canadians as well as Americans and other foreign citizens with properties in Canada.

Andy Hollenberg, Canada Country President for ACE said, “Independent agents and brokers, and the financially successful individuals and families they advise, stand to benefit from the comprehensive and convenient ‘portfolio’ approach of 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, through an alliance with CAA Insurance*, auto insurance. “The portfolio approach helps minimizes coverage gaps and wasteful duplications in coverage,” Mr. Hollenberg continued, “while it also makes the program easier to manage for both the agent or broker and client. In many cases, billing for all the policies can be consolidated on one statement.”

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.

“We see a tremendous opportunity in Canada, where the high net worth personal insurance market exceeds $1 billion in premium,” said Mr. Hasley. “Many financially successful individuals and families remain with standard insurance companies that may lack the specialized coverages they actually need. ACE’s approach provides customized coverages and services to offer a comprehensive risk management solution, making it easier for independent agents and brokers to attract and better service this important client group.”

In addition to specialized coverages and an easy-to-manage package approach, the advantages that ACE brings to the Canadian market are:

  • Comprehensive cross-border solutions: Many high net worth families in Canada have properties in the U.S., especially in Arizona, California, and Florida. ACE offers a seamless process for insuring risk exposures anywhere in the U.S., as well as the seven Europe countries previously listed.
  • Ease of doing business: ACE’s policy management system will enable brokers to issue quotes, policies, and policy endorsements in real-time through a simple interface, allowing brokers to spend more time advising clients and less time handling routine administrative tasks.
  • Quick decision-making: ACE has built a dedicated team for ACE Private Risk Services in Canada, so that when agents and brokers need to deliver a unique solution for a client with a complex or unusual risk profile, they can depend on quick decision-making from experienced local experts.
  • Unmatched, innovative coverages: The program offers a unique 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.
  • A proven auto insurance solution: The strategic alliance ACE has formed with CAA Insurance to supply the Canadian auto coverage component of the program means that agents, brokers, and their high net worth clients can depend on a competitive and stable solution for this critical need.
  • Superb claims service: All claims, including those for auto, will be handled by a dedicated claims team in Canada trained specifically to serve high net worth clients with the same commitment to service excellence found in the U.S., where 97 percent of clients responding to a survey after receiving a claim payment would recommend ACE to other family members or friends.
  • Financial strength: For their home, valuable collections, boat, and umbrella liability policies, clients can depend on the financial strength of ACE’s underwriting company in Canada, ACE INA Insurance, which is rated “A++” by A.M. Best and AA- by S&P.

About ACE

ACE Private Risk Services is ACE Group’s high net worth personal insurance business, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and collections insurance for financially successful individuals and families. Policies in Canada are issued by ACE INA Insurance. Additional information can be found at:

ACE in Canada operates as ACE INA Insurance and ACE INA Life Insurance, subsidiaries of ACE Limited (NYSE: ACE). ACE provides commercial property and casualty and life, accident and health insurance products and services throughout Canada. For more information about ACE and our products and services, please visit

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 ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at, or follow ACE on Twitter,


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Read all the latest travel insurance industry news stories, press releases, views and analysis with the iPMI Magazine travel insurance news section. Find great value travel insurers for people with pre-existing medical conditions, travellers over 65 and those visiting dangerous remote hazardous locations offshore. Comprehensive and dynamic international travel insurance plans and solutions are of critical importance for individuals, groups and families travelling, working or living abroad answering key questions like Will your travel insurance cover you if an airline goes out of business? Should I buy travel insurance for European weekend breaks? iPMI Magazine looks at Discount Excludes Optional Extras. Medical Expenses Covered. Learn about a range of travel insurance options from single trips to annual cover. Insurance coverage: Medical Emergencies, Stolen Documents, Cruise Cover, Golf Cover, Gadget Add-On, Cancelled Flights, Lost Luggage, Missed Flight, Personal Accident, Lost Documents, Stolen Cash. Types: Annual, Multi-Trip, Single Trip plus much more. Subscribe to the iPMI Magazine travel insurance news letter, delivered via email free of charge, most days. Click here to subscribe now to travel insurance news and press releases.