ACE Expands into Life Assurance

by Gill Montia

Story link: ACE Expands into Life Assurance

ACE, the direct marketing insurance group, has secured the approval of the FSA to establish a new life assurance company that will be based in London. ACE Life, which was registered in November 2006 as a subsidiary of ACE Tempest Life Re Bermuda, will be launched in 10 European countries during 2007 and 2008. It will operate as part of the existing network of the ACE European Group. The first Ace Life products will be launched in Spain and France and, a little later, in Scandinavia. These will be term life products that complement the group’s accident and health business. They will be sold through new and existing distribution partners, which include financial institutions, retailers, utility companies, publishers and the travel industry.

ACE is Europe’s leading provider of directly marketed accident and health insurance and it has ambitious plans for further expansion. The launch of its new life business will be followed by a range of payment protection policies, to be sold by its partners in the financial services sector.