ACE Limited announced today that it has completed the acquisition of Fianzas Monterrey in Mexico from New York Life Insurance Company for approximately $293 million in cash.
Mexico City-based Fianzas Monterrey is the nation's second-largest surety lines writer and the third-largest in Latin America, offering administrative performance bonds primarily to construction and industrial clients. The company has an extensive presence throughout Mexico, including 25 branch offices, and distributes its products through a network of nearly 600 independent agents and brokers.
"We are pleased to complete the acquisition of Fianzas Monterrey, which has 70 years of experience in the Mexican market and is recognized for its technical excellence, impressive management and modern systems," said Evan Greenberg, Chairman and Chief Executive Officer, ACE Limited. "In addition to enhancing our global franchise in the surety business, Fianzas Monterrey adds significantly to ACE Seguros, our existing commercial lines and personal accident insurance business in Mexico, a market where the environment for strong economic growth over the near and long term is very promising."
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 and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.