The Federal Service for Insurance Supervision has granted permission for the insurance and reinsurance provider ACE Group of Companies to establish an life insurance underwriting operation in the Russian Federation.
Based in Moscow, the life insurance company will be lead by Anton Kushner, CEO and general director of ACE Life Insurance, Russia. Mr Kushner’s role will incorporate the supervision of the sales and distribution relationships, product development and general operations, as well as leading a seasoned local management team with international experience.
The life insurance industry in Russia is at an early stage of development and represents a real opportunity for ACE, said Evan Greenberg, president and CEO of ACE. Russia’s rising middle class aspire to a better life, which we can help them plan and attain through the life insurance products and services that we offer.
Initially, the insurance business will concentrate on offering protection products to corporations and individuals. The products will be marketed through multiple distribution channels, including direct sales and independent and non-insurance intermediaries.
The approval follows the recently signed bilateral trade agreement between the US and Russia, which has eased US insurers’ entry into the Russian market as part of the process necessary for Russia to join the World Trade Organization.