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ACE Intros New Insurance Coverage
ACE Limited designs customized insurance solutions to meet the unique demands of the transportation industry. Since 2001, ACE has become a strong underwriter of specialized insurance products for independent contractors across transportation industry. Previously, the company has offered Occupational Accident insurance coverage in 2001 and optional Contingent Liability coverage in 2012.
Moreover, recently ACE announced the introduction of standalone Passenger Accident Insurance, in a bid to further widen its product portfolio.
The newly announced insurance coverage will provide accidental death and dismemberment and accident medical or dental expense benefits. The benefits are meant for passengers who are authorized and are injured during their travel with the drivers working under the operating authority under the motor carrier. This expanded coverage complements ACE’s existing strong transportation product portfolio.
Additionally, ACE expanded its offering to the offshore oil and gas sector by launching new insurance solution for suppliers and contractors. In Dec, 2013, ACE launched ACE Global Export Protection in Continental Europe, including Central and Eastern Europe, in an attempt to support the casualty needs of middle-market businesses.
These new product launches are expected to drive top line growth, which continues to surpass the Zacks Consensus Estimate, besides strengthening ACE’s product suite.
These positives led this Zacks Rank #2 (Buy) stock witness a rising trend in its estimates. The Zacks Consensus Estimate moved north by 3.5% to $8.67 per share over the last 60 days, as most of the estimates were revised upward. For 2015, the Zacks Consensus Estimate is currently pegged at $9.11 per share.
Some other top-ranked stocks worth considering in the property and casualty insurance industry include Atlas Financial Holdings, Inc. ( AFH - Snapshot Report) , Alleghany Corp. ( Y - Snapshot Report) and EMC Insurance Group Inc. . All these stocks sport a Zacks Rank #1 (Strong Buy).