ACE Approved to Establish Life Insurance Operation in Russia.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 received approval from the Federal Service for Insurance Supervision (FSIS FSIS Food Safety and Inspection Service FSIS Food Safety Information System (of Malaysia) FSIS Fixed-Size Importance Sampling FSIS Functional Support Information Systems FSIS Fire Support Interface Specification ) to underwrite life insurance in the Russian Federation Russian Federation: see Russia. . ACE's life insurance operations, based in Moscow, will be headed by Anton Kushner, Chief Executive Officer and General Director of ACE Life Insurance, Russia. Mr. Kushner will oversee sales and distribution relationships, product development and general operations, and lead 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 Chief Executive Officer of ACE Limited. "Russia's rising middle class aspire to aspire to verb aim for, desire, pursue, hope for, long for, crave, seek out, wish for, dream about, yearn for, hunger for, hanker after, be eager for, set your heart on, set your sights on, be ambitious for a better life, which we can help them plan and attain through the life insurance products and services that we offer." ACE Life Insurance, Russia has been approved to sell a full range of life insurance products and will focus initially on protection products to corporations and individuals. The company will market these products through multiple distribution channels including direct sales and independent and non-insurance intermediaries. 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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