The ACE Group, an insurance and reinsurance company, has acquired Rio Guayas Compania de Seguros y Reaseguros, a general insurance company in Ecuador owned by Banco de Guayaquil, for about $55 million in cash.

ACE says 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.

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