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LONDON--London-based ACE Ltd. has gained regulatory approval to set up a life assurance company called ACE Europe Life Ltd.
ACE Life, also based in London, will operate in conjunction with the existing network of ACE European Group and roll out across 10 European countries this year and next.
The new operation will focus initially on the protection market, offering term-life products to complement ACE European Group's existing accident and health direct marketing products.
ACE Life will market these term- and whole- life policies via existing and new distribution partners, it said.
The company currently distributes its accident and health products through a range of partners across Europe that include financial institutions, retailers, utilities, publishers, telecommunications companies and the travel industry.
ACE Life said the products will be launched in Spain and France followed by launches in Scandinavia. It also said it will develop a payment protection range for its financial services partners, with a specific focus on Central and Eastern Europe.
Meanwhile, ACE European Group announced changes to its Continental European country management.
Jeff Moghrabi will assume the role of country manager for ACE France, replacing Olivier Muraire. Mr. Moghrabi moves to ACE's Paris office from Milan, Italy, where he was manager for the region encompassing Italy, Spain and Portugal.
Maurizio Ferrario, currently head of strategic development for ACE Italy, will assume the role of deputy country manager. He will continue managing Italian operations until a new country manager is appointed, ACE said.
Angel Diaz, currently property and casualty manager for ACE Spain, will become country manager for the Iberia region, ACE said.