ZURICH--(BUSINESS WIRE)--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. Additional information can be found at: www.acegroup.com.
Cautionary Statement Regarding Forward-Looking Statements:
All forward-looking statements made in this press release, related to the acquisition of ABA Seguros or otherwise, reflect ACE’s current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, ACE’s forward-looking statements related to future business operations of ABA Seguros could prove incorrect if ABA Seguros and its subsidiaries were to perform differently than currently expected by ACE or if anticipated expense-related efficiencies were not realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.