Commercial Lines ALL IBR | Commercial Lines Commercial Lines Home |News |White Papers |Suppliers |Companies Return to: IBR Home | General Insurance | Commercial Lines Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Commercial Lines News ACE purchases Mexican personal lines insurer ABA Seguros IBR Staff Writer Published 03 May 2013
Global property and casualty insurer ACE has completed the acquisition of Mexican personal lines insurer ABA Seguros from Ally Financial for nearly $690m in cash, after offering a $175m pre-closing dividend to the seller.
The definitive agreement, which was initially inked in October 2012, obtained regulatory approvals and necessary customary closing conditions.
Commenting on the deal, ACE chairman and chief executive officer Evan Greenberg said that the acquisition will help the company to further strengthen its footprint in the Mexican market.
The acquirer has already been operating in the country through its subsidiary ACE Seguros, which delivers industrial, commercial and personal accident underwriting services.
Based in Monterrey, the acquired operations manages 30 sales offices throughout Mexico and distributes its products through a network of more than 2,000 independent agents as well as through auto dealerships, banks and direct channels.
He further stressed that with ABA, combined with its existing businesses and the new ACE Fianzas Monterrey operation, the company expects to take advantage of the many growth opportunities in Mexico and the Latin American region.
In April, the company purchased Fianzas Monterrey in Mexico, a surety lines company, from New York Life Insurance for nearly $293m in cash.
Operating in 53 nations across the globe, ACE Group provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
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Related Dates
2013> May
Related Industries
Financial Services> Insurance> Non-Life Insurance> Commercial Insurance> Property
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