ACE Limited (NYSE: ACE) announced today 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.
With more than 50 years of experience in the Mexican market, ABA Seguros 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.
“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,” said Evan Greenberg, Chairman and Chief Executive Officer, ACE Limited. “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.”
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
Press Release
