Acquires ABA Seguros from Ally Financial for approximately $690m
ACE has completed the acquisition of Mexican personal lines insurer ABA Seguros from Ally Financial for approximately $690m in cash, after a $175m pre-closing dividend taken by the seller.
ABA Seguros is the country’s fourth-largest personal lines insurer, providing car, home and small business coverages.
“ABA Seguros is a well-established, well-recognised, agency-based insurer with a solid service reputation and impressive creativity that can be leveraged across Mexico and the Latin American region,” said ACE chairman and chief executive Evan Greenberg.
“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.”
ACE purchased Fianzas Monterrey, one of Mexico’s largest surety lines companies, for around $285m in cash last year.