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Bermuda Carrier Scoops Up South American Life Insurer

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ACE Ltd. has acquired Alta Cumbres Life Insurance Company.

ACE, Hamilton, Bermuda, is an insurer and reinsurer.

Altas Cumbres, Lima, is a Peruvian life insurer that has been owned by Grupo Altas Cumbres S.A., Santiago, Chile.

Altas Cumbres has been selling to consumers through a network of captive agencies, brokers and 100 branches of a retail bank owned by Grupo Altas Cumbres, ACE says.

Altas Cumbres has about 700,000 customers and specializes in selling accident insurance, group insurance and credit life insurance.