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22 Nov 2011INSURANCE: ACE Insurance Takes a Big Step Forward on Growth Path
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ACE Inssurance Look to Take a Step Forward
ACE CEO Mike Durek, says the conclusion of this relationship is a step forward for the companyâs strategic plan. âUntil recently, our growth was largely organic. However, with a solid base established and increasing brand recognition, the focus has turned to expansion through partnership or acquisition; the establishment of this relationship with FPA marks another step forward on putting that strategy into action.â
In business for over six years, FPA has grown to be the second largest Underwriting Management Agency in its specific line of business, purely writing cover for commercial and residential buildings. With branches in Durban Bloemfontein and Johannesburg, it is headquartered in Cape Town.
According to Ian Barton, managing director of FPA, on the exit of its previous insurer it sought a suitable partner. âSpecifically, we wanted an organisation which is a specialist rather than a general insurer. Given the turbulent economic times in which we find ourselves, a strong balance sheet was an essential consideration, and a proven ability to deliver quality, niche solutions to market was desirable.â
The Quality of ACE Insurance
In ACE Insurance, continues Barton, these criteria were met. âAs the local branch of a highly recognised global player, ACE has stamped its presence on the market and demonstrated its ability to provide quality insurance solutions which are congruent with our business. In addition, it delivers global best practices for product delivery and offers substantial capacity.â
Durek says the partnership delivers the values and objectives which ACE is seeking. âFPA has proven its success as a Underwriting Management Agency; the relationship allows us to increase our reach through its distribution capabilities and adds to our strategy of being a niche market insurer of choice by offering very specific products to the broker market backed by exceptional service.â
âWe will continue to tailor insurance solutions which are attractive to end users and rewarding for our broker channel to take to market. With FPA, the market reach of these solutions just got a substantial boost; more South Africans can expect to enjoy risk protection from ACE Insurance in the near future.â
Business News Sector Tags: Insurance|
