ACE Fortifies Contractors Insurance - Analyst Blog
Recently, U.S.-based retail facility of ACE Limited ( ACE ), ACE USA introduced new services through its risk management services company, ESIS Inc. pertaining to the healthcare industry construction projects. This launch is an augmentation to the company's Contractors Pollution Liability (CPL) coverage named Owner-Controlled Insurance Program (OCIP) launched in Jun 2013.
With the help of the company's comprehensive insurance program, ACE Construction Industry Practice, the company insures construction businesses from unexpected job-site catastrophes and other complex risks involved in the business. The program widens the capacities of this option, thereby adding value to the same.
This ESIS program provides services like environmental compliance, Hazardous Materials Management, Transactional Services, Construction Safety and Risk Management, Patient Safety and many more such services. These are in addition to the insurance and construction risk management services provided by the ACE Construction Industry Practice.
The company has continuously assisted U.S. based multinational companies in mitigating risks associated with their businesses. The new endorsement will enhance its efforts by delivering customized solutions to the risks faced by the healthcare facility owners, general contractors and construction managers who provide contracting services to the healthcare industry. The program is expected to support ACE in expanding its multinational client base, and in turn boost revenues. The long term sales growth rate of the company is projected at 7.5%.
Earlier, in Mar 2013, ACE USA introduced a Foreign Casualty Pollution Liability coverage endorsement to provide insurance and risk management solutions to the globally operating mid-sized and large-scale multinational companies located in the U.S.A.
ACE currently carries a Zacks Rank #3 (Hold). Among others in the industry, American Safety Insurance Holdings Inc. ( ASI ), Catlin Group Ltd. ( CLNGF ) and AmTrust Financial Services Inc. ( AFSI ) carry a favorable Zacks Rank #1 (Strong Buy) and are worth considering.
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