The Ace Group of Cos. said Thursday that it has bought Altas Cumbres Life Insurance Co., which had been a wholly owned Peruvian subsidiary of Grupo Altas Cumbres of Chile.

Altas Cumbres has more than 700,000 customers, specializing in accident, group and credit life insurance distributed through captive agencies, brokers and through the more than 100 branches of Banco del Trabajo. It is one of Peru's largest banks and is owned by Grupo Altas Cumbres.

"As we expand our business opportunities in Peru, we are able to partner with one of the strongest banking franchises in the country," said Ed Clancy, president and COO of Ace's overseas operations. "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."

Ace's holding company, Ace Ltd., received approval last month to begin selling life insurance in Russia and opened a Bahrain office in November.

Ace Ltd. (NYSE:ACE), which sells insurance and reinsurance, is based in Bermuda and has its U.S. headquarters in Philadelphia.

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