NEW YORK--(BUSINESS WIRE)--The ACE Group of Companies announced today that it has acquired Altas Cumbres Life Insurance Company, formerly a wholly owned Peruvian subsidiary of Grupo Altas Cumbres of Chile.
Altas Cumbres is one of Peru’s fastest-growing life insurance companies, with more than 700,000 customers, specializing in accident, group and credit life insurance. Distribution channels for its products include captive agencies, brokers and bancassurance through the more than 100 branches of Banco del Trabajo, which is one of Peru’s largest banks and is owned by Grupo Altas Cumbres.
“With the acquisition of Altas Cumbres Life, ACE is able to participate in the vibrant and growing Peruvian insurance market,” said Ed Clancy, President and Chief Operating Officer, ACE Overseas General, and President of International Accident & Health. “As we expand our business opportunities in Peru, we are able to partner with one of the strongest banking franchises in the country. We also look forward to expanding the Altas Cumbres product line to include a broad array of life, accident and health insurance, as well as introducing additional distribution channels.”
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at www.acelimited.com.