ACE Limited said 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.
ABA Seguros is the Mexico’s fourth-largest personal lines insurer, selling auto, homeowners and small business coverages. The Monterrey-based company has 30 sales offices and a network of 2,000 independent agents. It als distributes 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 CEO, ACE Limited.
A multiline property/casualty insurer, ACE Group has operations in 53 countries.