ACE Expands Specialty Casualty Line - Analyst Blog
25 Junho 2013 - 7:05PM
Zacks
The ACE Group, a leading multiline property and casualty insurer
under ACE Limited (ACE) is forming a new specialty
casualty division within its excess and surplus lines insurance
company, ACE Westchester. The formation of the new division is
aimed at expanding the Specialty Casualty business of ACE Limited
in the U.S. The division will cater to industries like
construction, auto and railroad transportation, energy and public
entities.
The new division will combine the retail Custom Casualty unit of
ACE USA, which includes specialty casualty, general liability and
pollution, and public entity product lines, with the primary
casualty, excess casualty and transportation groups of ACE
Westchester.
The new Specialty Casualty division of ACE Westchester will provide
a number of primary casualty, excess liability and automobile
liability products. These include construction, general liability
(stand-alone), specialty general liability, energy liability,
public entity, railroad liability, transportation auto including
Hazmat, pollution and primary casualty (ACE PaC), and custom
products for complex dealings The new division will thus provide an
extensive range of products to its wholesale and retail
distribution customers.
ACE will continue to provide mono-line excess casualty products
to wholesale and retail distribution channels through ACE
Westchester and ACE USA’s underwriting units.
ACE Limited has been working toward expanding its product
offerings through innovation in commercial specialty casualty
insurance and utilization of its expertise. The formation of the
new specialty casualty division will enhance its product portfolio,
thereby making way for customer retention and new client
acquisition.
In the first quarter of 2013, total revenue of ACE Limited
increased approximately 3% year over year to $4.3 billion. We
expect that the new division along with its extensive customer
specific product offerings will help ACE Limited gain a huge
clientele and thereby bolster revenues. The long-term sales growth
rate for ACE Limited is projected at 7.51%.
Earlier, the ACE Group, launched an agriculture property and
casualty insurance business— ACE Agribusiness in Apr 2013. ACE
Agribusiness will provide the agricultural market with products and
services like farm and ranch and specialty property and casualty
commercial insurance.
ACE Limited currently carries a Zacks Rank #3 (Hold). Among
other insurers, American Safety Insurance Holdings
Ltd (ASI), Catlin Group Ltd (CLNGF) and
Hilltop Holdings Inc. (HTH) carry a favorable
Zacks Rank #1 (Strong Buy) and are worth considering.
ACE LIMITED (ACE): Free Stock Analysis Report
AMER SAFETY INS (ASI): Free Stock Analysis Report
HILLTOP HLDGS (HTH): Free Stock Analysis Report
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