Property and casualty insurer ACE has acquired Fianzas Monterrey in Mexico, a surety lines company, from New York Life Insurance for nearly $293m in cash.
Originally inked in September 2012, the transaction was successfully completed after obtaining the concerned regulatory approvals and satisfying the customary closing conditions.
ACE chairman & chief executive officer Evan Greenberg said, "The acquisition of Fianzas Monterrey will allow ACE to diversify its business in Mexico with a highly successful surety business that is recognized for its industry-leading underwriting performance and impressive management team."
"As part of our specialty P&C business, surety is a growth area for ACE, and Mexico is an attractive market with a strong economic outlook."
According to the acquirer, acquisition of Fianzas Monterrey will complement its business in Mexico, which presently includes commercial property and casualty, accident and health, and life insurance operations.
Founded in 1943, Fianzas Monterrey manages 25 branch offices, and distributes its products through a network of nearly 600 independent agents and brokers.
Operating in 53 nations, ACE Group offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
