ACE Ltd. Launches ACE Agribusiness - Analyst Blog
12 Avril 2013 - 7:40PM
Zacks
The ACE Group, a leading multiline
property and casualty insurer under ACE Limited
(ACE), launched an agriculture property and casualty insurance
business— ACE Agribusiness. The Ace Group operates in 53 countries.
Services of the company include commercial and personal property
and casualty insurance, personal and accidental health insurance,
reinsurance and life insurance.
ACEAgribusiness will provide the
agricultural market with products and services like farm and ranch,
and specialty property and casualty commercial insurance. For this,
the company will combine Rain and Hail Insurance Service Inc.’s
Farm and Ranch division and Penn Millers Insurance Company. Rain
and Hail Insurance Service Inc. and Penn Millers Insurance Company
are the insurance subsidiaries of ACE.
In spite of being a part of ACE
Agribusiness, Rain and Hail will maintain providing its products
and services under its existing name. Its portfolio consists of
crop products which include multi-peril crop insurance, coverages
for crop-hail and peril products meant for the agricultural market.
Penn Millers Insurance Company offers specialty property and
casualty insurance coverages to companies engaged in producing and
distributing agricultural products.
The consortium of Rain and Hail and
Penn Millers under ACE Agribusiness is expected to strengthen the
company’s agriculture business by expanding and enhancing its
portfolio by incorporating ACE’s expertise in specialty commercial
property and casualty insurance.
In 2012, the North American
wholesale and specialty segment of the company generated lower net
premiums earned owing to a decline in crop-hail production in its
agriculture business. The launch of ACE Agribusiness is expected to
help the company recover from such a situation and write more
business in this segment going forward.
ACE currently carries a Zacks Rank
#2 (Buy). Other property and casualty insurers like Arch
Capital Group Ltd. (ACGL), Everest Re Group
Limited (RE) and AXIS Capital Holdings
Limited (AXS), carry a Zacks Rank #1 (Strong Buy) and are
worth noting.
ACE LIMITED (ACE): Free Stock Analysis Report
ARCH CAP GP LTD (ACGL): Free Stock Analysis Report
AXIS CAP HLDGS (AXS): Free Stock Analysis Report
EVEREST RE LTD (RE): Free Stock Analysis Report
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