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.
“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,” says 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, says ACE.
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