The ACE Group announced that it has acquired Rio Guayas Compania de Seguros y Reaseguros, a general insurance company in Ecuador that is owned by Banco de Guayaquil, for approximately US$55 million in cash.
The insurer was founded in 1993 and is “currently the fourth-largest non-life insurer in the country,” ACE said. “Rio Guayas sells a range of insurance products, including motor, property, life, cargo, accident and health, casualty, marine and aviation, primarily through independent brokers and agencies and Banco de Guayaquil’s branches.”
Jorge Luis Cazar, Regional President of ACE’s Latin American operations described the acquisition as “very complementary to ACE’s existing business in Ecuador;” adding that it would “expand our capabilities considerably in terms of geography, products and distribution.
“The addition of Rio Guayas will offer enhanced access to small and middle-market businesses and individual consumers, will double our premium volume in Ecuador and will position ACE as one of the country’s top general insurers.”
The bulletin ACE also noted that the acquisition “will be accretive to ACE’s earnings and book value per share.”
Source: ACE Group
Topics Mergers & Acquisitions Carriers
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