The ACE Group Insurance Review & Complaints: Auto, Home, Umbrella & Business (2024)

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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.

What Insurance Products Does

ACE Insurance Group Offer?

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 Insurance Group 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.

Personal 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 personal 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 insurance 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 insurance 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.

Claims Process at The ACE Group Insurance

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

When it comes to filing a claim with ACE Group Insurance, customers have several options. While there isn’t an online claims reporting form, ACE provides a 24/7 phone number (800-945-7461) for claim reporting. This phone number is available for all types of claims, but commercial insurance products may have specific phone numbers based on the policy type.

ACE Group’s commitment to round-the-clock support ensures that customers can initiate their claims at their convenience.

Average Claim Processing Time

ACE Group Insurance does not specify an average claim processing time on its website or in the provided information. Claim processing times can vary based on the complexity of the claim, the type of insurance, and the documentation provided.

It’s advisable for customers to inquire about the expected processing time when filing a claim to set appropriate expectations.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback regarding claim resolutions and payouts for ACE Group Insurance is mixed. In the past, the company faced an investigation for possible questionable practices, including improper accounting. While the inquiry was resolved through an $80 million settlement, some customers may still have concerns about the company’s claims handling process.

It’s essential for potential policyholders to research and read reviews from multiple sources to gain a balanced understanding of customer experiences and satisfaction levels.

Explore The ACE Group Insurance’s Digital and Technological Features

Mobile App Features and Functionality

ACE Group Insurance offers a mobile app that provides policyholders with convenient access to their insurance information. While specific features and functionality may vary, typical capabilities of insurance mobile apps include policy management, access to digital insurance ID cards, claims filing, and payment processing.

Policyholders can enjoy the flexibility of managing their insurance on the go, making it easier to stay informed and connected with ACE Group.

Online Account Management Capabilities

In addition to the mobile app, ACE Group Insurance provides online account management capabilities through its website. Policyholders can log in to their accounts to access policy documents, review coverage details, make premium payments, and update their personal information.

Online account management ensures that customers have easy access to essential insurance-related tasks from the comfort of their computer or mobile device.

Digital Tools and Resources

ACE Group Insurance aims to offer a wealth of digital tools and resources to assist customers in making informed insurance decisions. These resources may include informative articles, calculators to estimate coverage needs and educational materials about insurance products.

By providing these digital tools and resources, ACE Group seeks to empower customers with the knowledge necessary to make confident insurance choices.

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?

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.