ACE Acquires Mexico’s Personal Lines Insurer ABA Seguros

May 3, 2013

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.