Ace acquires Rio Guayas for $55m
The Ace Group has 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 $55 million in cash.
Founded in 1993 and currently the fourth-largest non-life insurer in the country, 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.
“Rio Guayas is very complementary to Ace’s existing business in Ecuador and will expand our capabilities considerably in terms of geography, products and distribution,” said Jorge Luis Cazar, regional president of Ace’s Latin American operations. “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 acquisition will be accretive to Ace’s earnings and book value per share.
Need to
Know
2. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
3. Users who violate the Terms of Service or any commenting rules will be banned.
4. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
5. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
Comments
You must be registered or signed-in to post comment or to vote.
Published Dec 29, 2011 at 8:38 am (Updated Dec 29, 2011 at 8:35 am)