ACE USA Joins USAIG Aviation Pool
NU Online News Service, Jan. 3, 3:06 p.m. EST?ACE USA in Philadelphia announced today that on Tuesday it became a member company of the USAIG aviation pool.
No specifics concerning the financial terms involved were disclosed.
Under the agreement, ACE USA said future ACE USA Business Aviation accounts for corporate aviation, non-critical products, pleasure and business aircraft, and aviation-associated workers' compensation would be underwritten through USAIG.
USAIG is a pool of individual insurance companies, which collectively functions as a worldwide insurance market for all types of aviation and aerospace accounts.
The products and services offered by ACE USA Aerospace's "Airports and Special Risk" and "Satellite" units will be unaffected by the agreement. ACE USA said it remains committed to underwriting these business segments.
During the first quarter of this year, responsibility for policy servicing and claims handling for current Business Aviation clients will be shifted to the appropriate USAIG branch office location. Until the transition is completed, current policyholders, brokers and claimants may reach ACE USA Business Aviation personnel at existing branch office locations.
"Significant changes in the insurance and reinsurance marketplaces have driven this decision to redefine the way we participate in the business aviation arena," Jeffrey Cassidy, executive vice president at ACE USA Aerospace, said in a statement. "USAIG has an excellent reputation as a quality partner in the underwriting and management of aviation risk, and we look forward to working with them to serve our clients."
Michael L. Sweeney, president and chief operating officer at United States Aviation Underwriters Inc., said his company was "excited" about the deal and would work with the ACE USA underwriters and claims team "to ensure a smooth transition for their customers."
Founded in 1928, USAIG provides insurance coverages for owners, operators, manufacturers and maintainers of private, corporate and commercial aircraft.
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