ACE Limited has announced that it has reached a definitive agreement to acquire ABA Seguros in Mexico from Ally Financial Inc. in a deal worth approximately $865m in cash.
ABA Seguros was established 54 years ago and is the sixth largest property and casualty (P&C) insurer in Mexico, where it also offers auto, homeowners and small business insurance.
The firm operates from 30 offices throughout the country and is headquartered in Monterrey.
ACE Limited Chairman and Chief Executive Officer Evan Greenberg described ABA Seguros as highly regarded in the Mexican P&C market.
Greenberg went on to say that with the acquisition of ABA Seguros and Fianzas Monterrey, Mexico’s second largest surety writer which was acquired last month, ACE was well-placed to take advantages of opportunities for growth in Mexico.
In addition, September also saw ACE acquired 80% of PT Asuransi Jaya Proteksi in Indonesia.
Category: Insurance News