LONDON--(Business Wire)--
ACE has today launched ACE PFI (Private Finance Initiative), a
fully integrated insurance solution providing comprehensive cover and
risk management advice for all aspects of a PFI project, from
construction through to commissioning, handover and the resultant
operational risks.
ACE PFI combines the company's existing expertise in key PFI
areas, such as construction, with other key lines including marine and
environmental liability. This offers brokers and Project Managers the
option of using a single insurance provider.
ACE believes that the combination of these covers, particularly
environmental impairment/pollution and marine, fills current gaps in
provision and is of increasing importance to protect both the insured
and the broker.
According to the National Audit Office, as of December 2006, 794
PFI deals had been signed, with a combined capital value of just under
GBP 55 billion. The life of these contracts is typically 25-30 years.
In view of the size of these projects and given the government's
desire to ensure the security of taxpayers' money, contracts for PFI
projects are highly complex and demanding.
ACE says that the same is true for the insurance solutions for
these contracts. Alistair Macintyre, ACE's UK & Ireland Product
Development Manager explains: "PFI contracts often involve very large
values and consequently require significant capacity. It is important
that both brokers and insurers have an in-depth knowledge of the
specific duties imposed on them by PFI contracts and a sound
understanding of the construction process and operational risks
presented.
"In the past PFI insurance solutions have been heavily focused on
construction risks. However, the influence of EU legislation in areas
such as environmental liability has a direct impact on those involved
in PFI projects.
"With ACE PFI we have harnessed our underwriting experience in
construction risks and the PFI sector to develop a holistic solution
for a market where, until now, this has been lacking. By having one
insurance provider, brokers and clients benefit from a reduction in
the likelihood of any gaps in cover, better continuity and service
value.
"The PFI market is uniquely challenging in terms of its complexity
and scale. ACE PFI is designed to offer a comprehensive and flexible
insurance solution which will satisfy the exacting demands of the PFI
contract, as well as the needs of the broker, insured and financier."
Notes to editors:
Key business line contacts at ACE for PFI are:
Construction - Mark Horan, Senior Construction Underwriter:
mark.horan@ace-ina.com
Environmental Impairment Liability - Wayne Harrington, UK &
Ireland Manager Environmental Risk: wayne.harrington@ace-ina.com
Liability - Charlotte Rawsthorne, UK & Ireland Commercial Casualty
Manager charlotte.rawsthorne@ace-ina.com
Marine - Paul Crawford, Senior Cargo Underwriter
paul.crawford@ace-ina.com
ACE
ACE European Group has established branch offices in 19 countries
across Europe, Freedom of Services permission to provide insurance
services to clients in 30 EEA countries and affiliates in Egypt,
Bahrain, Pakistan and Russia.
Part of the ACE Group of Companies, ACE European Group comprises
the operations of ACE Europe, ACE Global Markets and ACE Tempest Re
Group. ACE Europe provides a range of tailored Property and Casualty,
Accident and Health and Personal Lines solutions for a diverse range
of clients. ACE Global Markets (AGM) is ACE's specialty international
business, underwriting through ACE's Lloyd's Syndicate 2488 and ACE
European Group Limited. Specialty lines include excess and surplus
lines business, Marine, Aviation, Energy and Political Risk as well as
Property, Financial Lines and Accident and Health. Additional
information on ACE European Group can be found at
www.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and
reinsurance serving a diverse group of clients. Headed by ACE Limited
(NYSE: ACE), a component of the Standard & Poor's 500 stock index, the
ACE Group conducts its business on a worldwide basis with operating
subsidiaries in more than 50 countries. Additional information can be
found at: www.acelimited.com
ACE
Katie Weeks, Communications Manager
+ 44 (0) 20 7173 7585
katie.weeks@ace-ina.com
Copyright Business Wire 2008
