ACE Limited announced that it has completed the acquisition of Mexican personal lines insurer ABA Seguros from Ally Financial Inc. for approximately $690 million in cash, after a $175 million pre-closing dividend taken by the seller.
ACE noted that ABA Seguros has “more than 50 years of experience in the Mexican market,” and is the country’s “fourth-largest personal lines insurer, providing auto, homeowners and small business coverages.
“The Monterrey-based company has over 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.”
ACE Chairman and CEO Evan Greenberg commented: “ABA Seguros is a well-established, well-recognized, agency-based insurer with a solid service reputation and impressive creativity that can be leveraged across Mexico and the Latin American region. With ABA, combined with our existing ACE Seguros businesses and our new ACE Fianzas Monterrey business, we are extremely well positioned to take advantage of the many growth opportunities we believe will occur in this important country over the next decade and beyond.”
Source: ACE Group
Topics Mergers & Acquisitions Carriers
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