The Bermuda-based ACE Group of Companies announced yesterday it had acquired one of Peru?s fastest-growing life insurers.

Altas Cumbres Life Insurance Company was formerly a wholly owned Peruvian subsidiary of Grupo Altas Cumbres of Chile. Altas Cumbres has more than 700,000 customers, specialising in accident, group and credit life insurance. Distribution channels for its products include captive agencies, brokers and through the more than 100 branches of Banco del Trabajo, which is one of Peru?s largest banks and is owned by Grupo Altas Cumbres.

?With the acquisition of Altas Cumbres Life, ACE is able to participate in the vibrant and growing Peruvian insurance market,? said Ed Clancy, president and chief operating officer, ACE Overseas General, and president of international accident and health.

?As we expand our business opportunities in Peru, we are able to partner with one of the strongest banking franchises in the country. 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.?