ACE gets OK to write life insurance in Russia

NEW YORK--Russia has given ACE Ltd. permission to underwrite life insurance in the Russian Federation, the insurer announced Tuesday.

ACE Life Insurance, Russia will be based in Moscow. Anton Kushner will be the unit's chief executive officer and general director. The company "will focus initially on protection precuts to corporations and individuals," ACE said in statement announcing the new operation.

The United States and Russia recently signed a bilateral trade agreement that eased U.S. insurers' entry into the Russian market as part of the process necessary for Russia to join the World Trade Organization.