ACE UK has launched a new company which will allow ACE London at Lloyd's to trade more effectively with a selected group of Lloyd's and non-Lloyd's brokers. The company which is called ACE Underwriting Services (AUS) is aimed at the small to medium enterprise market in the UK and will offer a range of commercial products under the Optimus name.
AUS will initially market products underwritten by Syndicate 219 but will eventually operate on behalf of all ACE London operations.
The launch of AUS represents a significant development for ACE in the UK. AUS was created in response to clear market demand for a highly professional, flexible and responsive service giving easy access to the Lloyd's market.
The company has been operational since the beginning of the year, offering commercial insurance to affinity schemes. The Optimus Commercial Insurance is a modular policy, the key features of which are:
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Wide cover for building and contents
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Liability sections
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Terrorism and subsidence cover
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24 hour turnaround of enquiries
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Prompt issuance of documentation
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Competitive rates
Marketing Director of ACE UK, Mr. Rob Page, commented, "Optimus offers brokers the flexibility to tailor products to their clients’ needs. AUS will give its brokers direct access to decision makers and ensure a prompt response to their enquiries. Brokers will find AUS an attractive proposition because it offers a welcome alternative to the existing market at generous levels of commission."
Mr. Richard Pryce, an underwriter for Syndicate 219 said, "AUS allows us to expand our presence in the UK small to medium sized commercial business market. By using the latest technology we will be able to provide our brokers with an excellent service. The Optimus product range is clearly defined and competitively priced."
Mr. William Loschert, chairman of ACE UK commenting on today's announcement said, "AUS is an exciting new development for ACE UK and is an important part of our strategy of building our presence in the UK."
NOTES TO EDITORS:
ACE London at Lloyd's is one of the largest managing agency groups. There are 8 syndicates within the ACE agency representing some of Lloyd's most respected and well-known syndicates. ACE London at Lloyd's with approximately £700 million of capacity.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of international clients. Operating subsidiaries are based in Bermuda, the United States, the United Kingdom (Lloyd's) and the Republic of Ireland. At March 31, 1998, ACE Limited had approximately $2.8 billion in shareholders' equity and approximately $7.0 billion in assets. ACE Limited is traded on the New York Stock Exchange under ticker symbol ACL.