Multiline property and casualty insurer Ace Group has introduced a new luxury goods practice in Continental Europe, in a bid to expand its footprint in this sector.

The new practice includes experts in four markets, including Olivier Roussel for France, Stephan Best for Germany, Thomas Kemper for Switzerland and Francesco Ilgrande for Italy.

The launch of the practice was based on firm’s research, under which six in ten European luxury goods companies reported that globalisation has enhanced interdependency of risks they face.

According to Ace, respondents consider that the luxury goods industry faces greater reputational risk, compared to other industries.

ACE France major and international accounts director and practice head Olivier Roussel said: "The luxury goods sector is symbolic of how successful European companies can be globally – and a crucial contributor to growth and job creation.

"The launch of our luxury goods practice will further enable us to help our luxury goods clients to face this emerging complex array of risks with sophisticated risk management solutions."

The company is already providing risk management and insurance solutions for the continent’s major luxury goods companies, which are involved in the watches, jewellery, apparel, cosmetics, perfumes and fashion goods sectors.

Operating in around 54 countries, Ace offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to its customers.