ACE Limited (NYSE: ACE) 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 (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 Fianzas Monterrey 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 Fianzas Monterrey could prove incorrect if Fianzas Monterrey 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.