LONDON--(BUSINESS WIRE)--ACE Limited (NYSE:ACE) has gained FSA approval for the establishment of a new London based life assurance company, ACE Europe Life Limited. Conducting business under the brand name ACE Life, it will operate in conjunction with the existing network of ACE European Group, and will be rolled-out across 10 European countries during 2007 and into 2008.
The new Life Company will initially focus on the protection market, offering term life products to complement ACE European Group’s Accident & Health direct marketing proposition. ACE Life will market these term and whole-of-life policies via existing and new distribution partners. ACE works with a diverse range of partners across Europe including financial institutions, retailers, utilities, publishers, telcos and the travel industry. The first products will be launched in Spain and France and will be closely followed by launches in Scandinavia.
In addition, the company will also be developing a payment protection insurance proposition for its financial services partners, with a specific focus on Central and Eastern Europe.
Commenting on the launch of the new company, Edward Levin, Chief Executive Officer of ACE Europe Life and Executive Vice President of ACE Europe said: “ACE is Europe’s leading provider of directly marketed A&H products delivered to the customers of a wide range of distribution partners. This new life proposition will significantly enhance our European offering, providing our corporate partners with an additional and valuable cover for their customers.”
Notes to editors:
ACE European Group has established branch offices in 19 countries across Europe, Freedom of Services permission to provide insurance services to clients in 29 EEA countries and affiliates in Egypt, Bahrain, Pakistan and Russia.
ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Europe. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found atwww.aceeuropeangroup.com.
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
ACE Europe Life
ACE Europe Life Limited was established in November 2006 as a subsidiary of ACE Tempest Life Re Bermuda. The company is headquartered in the UK and works alongside ACE European Group.