Financial Services Industry
Industry: Email Alert RSS FeedACE Bermuda Offers Cat Futures Concept As Property Insurance Program Replacement.
National Underwriter Property & Casualty-Risk & Benefits Management, November, 1999 by LONKEVICH, DAN
A new product that allows commercial property policyholders to hedge against future rate increases has been launched by ACE Bermuda Insurance Ltd., a unit of ACE Ltd. The new product--known as "ACE Futures"--is based on the catastrophe futures contract offered by reinsurers, but is believed to be the first example of such a future being offered to the retail insurance market, according to Klaus Gebhardt, senior vice president, property insurance for ACE Bermuda.
"Many risk managers have experienced drastic changes in insurance conditions after their company suffered a large loss or after a major natural catastrophe led to a tightening of the insurance market," Mr. Gebhardt explained. "For a fraction of their annual premium, risk managers can now obtain...
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