Ace chief executive officer Evan Greenberg was in Lima on Friday to attend the launch of Ace Seguros, the Bermuda insurance giant's new Peruvian operation.

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.

Ace executives attending the launch event with Mr. Greenberg included Ed Clancy, president and chief operating officer, Ace Overseas General, and president of International Accident and 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," Mr. Greenberg said. "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 specialises in accident, group, credit life and commercial property and casualty insurance. Distribution channels for its products include captive agencies, brokers and bancassurance.