The ACE Group announced the acquisition of 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.
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 acquisition will be accretive to ACE’s earnings and book value per share.
The ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries.
Source: ACE Group
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