The ACE Group, a component of parent company ACE Limited (ACE), has recently launched a new insurance product to address the insurance needs of the large number of institutions sponsoring international study and travel programs. ACE Limited is a Switzerland based multiline property and casualty insurer.
The new comprehensive policy is named ACE Educators International Advantage Edge. The policy is specifically designed to cater to education institutions and help them deal with the risks associated in the business. The ACE Educators International Advantage Edge policy will provide these institutions with general liability, business personal property and contingent auto liability coverage. The policy will be offered through ACE USA, and ACE Commercial Risk Services, ACE Group’s retail operations and specialty insurance unit respectively.
The product launch represents the company’s expansion of International Advantage Package Policy, an option that protects U.S. companies and educational institutions and their employees from travel risks.
With globalization in vogue, academics have also joined the drive. Administrators are bringing up academic coursework that help students thrive in the global economy. As per reports by National Center for Education Statistics, America is home for about 5,000 degree-granting institutions with more than 300,000 students studying abroad annually. Including the 30,000 secondary schools in the nation with students traveling overseas, the number is even higher. These institutions face an array of risks ranging from simple trip travel exposure to complex multinational exposure. With this increasing trend, there is a huge demand for policies that would insure educators from these risks. ACE Group intends to tap this opportunity and satisfy the market demand through the introduction of this product.
We believe the introduction of the ACE Educators International Advantage Edge policy is a remarkable step by the company to gain market share. The product’s single-point access to several key coverage enhancements is a unique feature. Not many insurers in the international education industry provide such a comprehensive package.
ACE currently carries a Zacks Rank #3 (Hold). Among other property and casualty insurers, EMC Insurance Group Inc. (EMCI), Everest Re Limited (RE) and Global Indemnity Plc (GBLI) carry a favorable Zacks Rank #1 (Strong Buy) and are worth considering.
More From Zacks.com