ACE Limited has completed the acquisition of Fianzas Monterrey in Mexico from New York Life Insurance Co. for approximately $293 million in cash.
Mexico City-based Fianzas Monterrey is Mexico’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 a presence throughout Mexico, including 25 branch offices, and distributes its products through 600 independent agents and brokers.
Evan Greenberg, chairman and chief executive officer of ACE, said that in addition to enhancing his company’s global franchise in the surety business, Fianzas Monterrey adds significantly to ACE Seguros, its 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.”