Holland’s ING Group announced that it had successfully completed the acquisition of an additional 45 percent interest in Mexico’s largest insurance company, Seguros Comercial America, from its parent, Savia S.A..
SCA has 29 percent of the Mexican insurance market, and ING’s control of 87 percent of the company effectively makes the Dutch financial services giant the largest private insurer in the country and the largest international insurer in Latin America.
It paid $791 million to acquire 45 percent of SCA to add to its 42 percent stake in the company which offers a broad range of p/c and life products. ING CEO Ewald Kist stated that,”acquiring majority ownership of SCA fulfills our objective to be among the top financial services organizations in Mexico.” He stressed the “strong synergies” he believes exist between the two organizations and the opportunities for future growth offered by the expanding Mexican economy.
Topics Mergers & Acquisitions
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