The ACE Group Insurance Review & Complaints: Auto, Home, Umbrella & Business

ACE Group Insurance is an international insurance company that sells commercial property, casualty, and personal insurance. Products offered are personal, auto, home, umbrella, and business insurance.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 28, 2020

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Ace Insurance Company

Financial Strength

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Following a 2016 merger, ACE Group now operates under Chubb Insurance.

ACE Group is an immense international insurance company specializing in commercial property & casualty as well as personal insurance for high net worth clients. Both ACE & Chubb served the same main market, making the newly formed company a major player on the world stage.

What is ACE Group?

ACE Limited was founded in 1985 by a group of American companies to write Excess Liability and Directors and Officers coverage. The company was incorporated in Hamilton, Bermuda, and began a series of major acquisitions in the following decades. The 1999 acquisition of CIGNA’s property and casualty business lines were among the biggest of these.

In 2008, ACE moved its headquarters to Zurich, Switzerland to better handle its large international business. 2015 saw two major acquisitions; first, the company purchased Fireman’s Fund from Allianz, cementing its status as one of the largest high net worth insurers in the U.S. A. A few months later, it was announced that ACE had made a deal to buy Chubb in a $28.3 billion purchase.

The merger was completed a year later, and at that time ACE made the change over to using the Chubb name for all operations. This also resulted in the closing of the ACE website which now redirects to the Chubb website. While it was ACE that purchased Chubb, that original company name is no longer in general use.

Under the Chubb name, the company writes a broad array of insurance products, including commercial, specialized liability, and accident and health. They continue to offer the high net worth personal lines products as well, including auto insurance and home insurance.

For an in-depth look at ACE/Chubb products, services, and ratings, please see our review of Chubb.

Products previously offered by ACE listed below.

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Insurance Products

Personal Insurance

ACE sells coverage for cars, homes, and valuables, with a heavy emphasis on insurance for wealthy customers. Its products are brokered under the heading of “Private Risk,” and they are designed for individuals with a high net worth.

Among the products that can be insured through ACE are high-valued homes, condominiums, vacation homes, car collections, fine art, antiques, and yachts. Policies are purchased in a package to provide thorough coverage of several aspects at once, so home and auto policies would be bundled together in most cases.

Auto Insurance

Aside from targeting higher-value vehicles, the auto insurance sold by ACE is similar to the coverage sold by any other company. However, ACE does differ significantly in two major ways. First, vehicles are valued at an agreed-value ahead of time, rather than on an ongoing basis. This is a common way of handling value for rare or collectible vehicles.

The second notable difference is there are no daily caps or limits on rental vehicles while your car is being repaired. You will be provided with a rental car of a similar type as the vehicle is in the shop. This differs from most insurers, who will usually place a cap of around $30 per day on rental expenses.

You can further customize your policy in a few notable ways. You can choose a new-car replacement policy, allowing you to replace your totaled vehicle with a newer model. You can also purchase a policy with liability limits higher than those offered through standard insurers as a way to protect the assets of high-income customers. Since wealthy policyholders are a more attractive target for lawsuits, carrying high liability limits is a good way to curtail potential litigation.

Additional Products

Home Insurance

Since the high-income clients courted by ACE will generally have expensive homes, the insurance solutions offered cater to those needs. In the event of a total loss, you can choose to fully replace the home or simply receive a cash settlement based on its full value, even if the home’s value exceeds the policy’s coverage limits. Additionally, there is no depreciation applied toward a home’s contents, so you would receive the replacement value of any items destroyed in a covered loss.

Some additional coverages that would be optional through other providers come standard with ACE home policies. Among these are insurance for fraud, identity theft, and kidnapping/ransom.

Umbrella Insurance

Since wealthy people will have many more assets to lose in the event of a lawsuit, umbrella insurance and other forms of personal liability coverage become increasingly important as your income goes up. ACE, as an insurer of high-income customers, offers extensive personal liability coverage with limits up to $100 million.

The umbrella insurance policy exists to fill in the gaps not covered by other types of protection. It covers the cost of settlements as well as legal counsel.

Business Insurance

ACE offers business insurance products for companies of all sizes and in numerous industries, including aerospace, healthcare, and manufacturing. Aside from standard coverages like liability and risk management, the company also sells various types of marine loss control services and protections for multinational companies.

Are Ace Insurance Company Rates Competitive?

Since ACE insurance sells its products through independent agents rather than directly to customers, there’s little rate information available on the site. The website, in general, seems heavily focused on providing information to agents rather than end-users, and it’s so packed with information that finding anything is a bit of a challenge.

It is reasonable to assume that ACE’s premiums would be fairly high. A company that primarily courts corporations and wealthy individuals can afford to charge high premiums and the coverages offered by the company (particularly its very high liability limits) would not be cheap to provide. With the increase in premiums, you should expect a better overall experience as well.

Can Claims Be Filed Online?

Claims information can be found on the website.

There is not an online claims reporting form; instead, you should call 800-945-7461. That number is available 24/7.

Commercial insurance products have different phone numbers to call depending on the type of policy you hold. Visit the ACE insurance website to find the correct one for your situation.

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Are There Consumer Complaints Against the Company?

Reviews seem to be mixed. In 2004, ACE was the subject of an investigation for possible questionable practices, including improper accounting. The inquiry was resolved through an $80 million settlement, halting the inquiry from going any further, although the insurance company did say it would look further into the issue.

What is the Company’s Financial Strength Rating?

Rating Company Grade Financial Outlook
AM Best A++ Stable
Fitch AA Stable
S&P AA Stable

What’s the Bottom Line?

ACE is a massive company, although it’s not as well-known in the U.S. as it seems to be internationally. Its consumer products are definitely geared toward high-income customers, and the coverages offered may not be relevant to someone with fewer assets to protect. Since it is geared for the affluent, expect to pay more in premiums than you would through a standard insurer.

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