Insurance giant ACE Limited has announced that it has successfully received approval from the UK Financial Services Authority to set up a new life assurance business, ACE Europe Life, in London.
The new company will conduct business under the brand name ACE Life and will operate in conjunction with the existing network of ACE European Group. Furthermore, it will be rolled out across 10 European countries during 2007 and into 2008.
ACE Europe Life will initially focus on the protection market, offering term life products to complement ACE European Group’s accident and health direct marketing proposition, and will be marketed via existing and new distribution partners. The first products will be launched in Spain and France and will be closely followed by launches in Scandinavia.
In addition, the company will be developing a payment protection insurance proposition for its financial services partners, with a specific focus on central and eastern Europe.
Edward Levin, CEO of ACE Europe Life and executive vice president of ACE Europe, said: ACE is Europe’s leading provider of directly marketed accident and health 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.