Ace Limited has announced that it has reached a definitive agreement to acquire Fianzas Monterrey in Mexico from New York Life Insurance Company for approximately $285 million in cash.Established in 1943 and headquartered in Mexico City, Fianzas Monterrey is Mexico’s second-largest surety lines company and the third largest in Latin America, offering administrative performance bonds primarily to clients in the construction and industrial sectors.The company has an extensive presence throughout Mexico, including three regional offices and 25 branch offices, and distributes its products through a network of nearly 600 independent agents and brokers.“The acquisition of Fianzas Monterrey will allow Ace to diversify its business in Mexico with a highly successful surety business that is recognised for its industry-leading underwriting performance and impressive management team,” said Evan Greenberg, chairman and CEO of Ace Ltd. “As part of our specialty P&C business, surety is a growth area for Ace, and Mexico is an attractive market with a strong economic outlook.”Ace’s business in Mexico currently includes commercial property and casualty, accident and health, and life insurance operations. The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to be completed during the first quarter of 2013.Bloomberg News reported that New York Life has been narrowing its focus to life insurance and investments in the US and Mexico.Ace advanced 0.6 percent or 46 cents to $75.55 at the close of trading in in New York trading.Greenberg’s firm has climbed about 7.8 percent this year, compared with the 15 percent gain in the 75-company Bloomberg World Insurance Index.