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
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 at www.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.