ACE Acquires Altas Cumbres Life Insurance Company.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The ACE Group of Companies announced today that it has acquired Altas Cumbres Life Insurance Company, formerly a wholly owned Peruvian subsidiary of Grupo Altas Cumbres of Chile. Altas Cumbres is one of Peru's fastest-growing life insurance companies, with more than 700,000 customers, specializing in accident, group and credit life insurance. Distribution channels for its products include captive agencies, brokers and bancassurance Bancassurance A French term referring to the selling of insurance through a bank's established distribution channels. Notes: The result is a bank that can offer banking, insurance, lending, and investment products to a customer. through the more than 100 branches of Banco del Trabajo, which is one of Peru's largest banks and is owned by Grupo Altas Cumbres. "With the acquisition of Altas Cumbres Life, ACE is able to participate in the vibrant and growing Peruvian insurance market," said Ed Clancy Ed Clancy (born 12 March 1985) is a is a British professional track and road bicycle racer who rides for the UCI Professional Continental team Landbouwkrediet-Tönissteiner. On the track his specialist discipline is Pursuit. He won the first stage of the 2005 Tour of Berlin. , President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , ACE Overseas General, and President of International Accident & Health. "As we expand our business opportunities in Peru, we are able to partner with one of the strongest banking franchises in the country. We also look forward to expanding the Altas Cumbres product line to include a broad array of life, accident and health insurance, as well as introducing additional distribution channels." The ACE Group of Companies is a global leader in insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. serving a diverse group of clients. Headed by ACE Limited (NYSE NYSE See: New York Stock Exchange : 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. |
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