ACE Seguros Begins Insurance Operations in Peru.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 begun conducting business in the Peruvian insurance market as ACE Seguros S.A. ACE Seguros consists primarily of the insurance operations of Altas Cumbres Life Insurance Company, which ACE acquired in December of last year from Grupo Altas Cumbres of Chile. On June 19 Peru's Superintendent of Banks and Insurance granted ACE permission to operate in the country as ACE Seguros. A launch ceremony was held yesterday in Lima. ACE executives attending the event included Evan Greenberg, Chairman and Chief Executive Officer, ACE Limited; 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; Jorge Luis Cazar, President and Chief Executive Officer, ACE Latin America; and Jose Luis Vargas, Country Head of ACE Peru. "Through ACE Seguros, our Company is participating in the dynamic and rapidly developing Peruvian insurance market," said Mr. Greenberg. "We look forward to expanding the ACE Seguros product line to include a broad array of life, accident and health insurance products, as well as introducing additional distribution channels." With more than 700,000 customers, ACE Seguros specializes in accident, group, credit life and commercial property and casualty 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. . 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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