ACE has acquired Chubb, creating a global insurance leader with the combined organization operating under the renowned Chubb name. Big "I" Markets is fortunate to have a longstanding strong partnership with both ACE and Chubb, offering policies through the Big "I" Markets Affluent Program. We look forward to an even brighter future with the new Chubb and its value proposition.
Below are details regarding the effects of the acquisition on existing Big "I" Markets policies, as well as future new business. If you have any questions, contact Aimee Fawns or Nancy Doherty.
New Business
With only a few exceptions, new policies will be issued with Chubb on Masterpiece paper, effective March 1, 2016. With the new combined company, Massachusetts and South Carolina are now open for automobile for Chubb customers on legacy ACE paper. Continue to use the same workflow for submitting applications for all lines of business you wish to be quoted via the Affluent Program - New Business product in Big “I” Markets. Your underwriter will review your submission and discuss available Chubb options.
Chubb will issue all watercraft on legacy ACE paper and will use the existing Marine Insurance product for watercraft quotes on all new Chubb customers, effective March 1, 2016. When submitting a new account that includes watercraft for consideration, you must create two quote requests: one for the Affluent Program - New Business and one for Marine Insurance.
Fireman's Fund Insurance Company Conversions
The process of converting eligible Fireman's Fund expiring policies to the legacy ACE writing company will continue as planned, even after March 1, 2016. The policy documents will reflect Chubb as the parent company. If you have any questions or concerns about a converting account, contact us to discuss by posting a new message in your insured's quote detail.
Renewals
With only a few exceptions, Chubb will continue to write all renewals in its current product, including new lines written for existing customers.
Chubb or ACE Customer Letters
You can send a letter on your agency letterhead to your existing Chubb customers or ACE customers. The letters outline that nothing in the immediate timeframe will change for customers. They will still pay their bills, access their policies and submit claims the same way they always have.
Still have questions? Here’s how Chubb is answering some common agent FAQs:
Q: What are the important messages for customers about the transition to Chubb?
A: The combined organization brings the experience and expertise of Chubb and its people together with the innovative culture of ACE and its people. The scale of the new company allows us to capitalize on both and invest significantly in service and coverage innovation for HNW clients. It also creates the capacity to immediately provide a wide range of solutions around the country and around the globe that are unrivaled in the HNW space. New Chubb will lead the market with expertise, innovation, vision—and an ongoing commitment to serve the unique needs of the HNW client.
How is Chubb communicating the switch to policyholders?
The policyholder communications that you are used to seeing from both ACE and Chubb will continue.
Note: The Big “I” will share any new policyholder communications that Chubb develops via the Two for Tuesday e-newsletter and on the Affluent Program - New Business Underwriting & Coverage webpage.
Are there any changes to your business strategy as the new Chubb?
The combination of ACE and Chubb does not change our strategy of providing quality products and services to ensure our customers are well protected. In fact, it enhances our capabilities to deliver in both aspects by combining the best of each company.
How will Chubb handle claims?
We remain committed to providing superior service on every claim, and our claims experts will continue to handle each claim without interruption. Should you have questions regarding an existing claim you can contact the assigned adjuster or claim professional.
Customers, agents and brokers should continue to report claims using existing channels. As we adopt combined procedures for claim reporting, we will communicate those changes to you.
What is going to happen with loss prevention services?
Loss prevention services such as wildfire defense, hurricane protection and Chubb property manager will continue uninterrupted through transition. In the near term, the availability of these services will follow the product. For example, wildfire defense will be available for Masterpiece policyholders only. We will evaluate all services and hope to enhance and expand the best of our current programs over time.