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.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access