Ace Ltd. said Tuesday that it has received approval from Russia’s Federal Service for Insurance Supervision to underwrite life insurance in the Russian Federation.

Ace which sells insurance and reinsurance, is based in Bermuda and has its U.S. headquarters in Philadelphia.

Ace’s life insurance operations, based in Moscow, will be headed by Anton Kushner, CEO and general director of Ace Life Insurance, Russia. Kushner will oversee sales and distribution relationships, product development and general operations, and lead a local management team.

“The life insurance industry in Russia is at an early stage of development and represents a real opportunity for Ace,” said Evan Greenberg, Ace president and CEO. “Russia’s rising middle class aspire to a better life, which we can help them plan and attain through the life insurance products and services that we offer.”

Ace Life Insurance, Russia has been approved to sell a full range of life insurance products and will focus initially on protection products to corporations and individuals. The company will market these products through multiple distribution channels including direct sales and independent and non-insurance intermediaries.

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