ACE Limited 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.”