Ally Financial Inc. has reached an agreement to sell its Mexican insurance business, ABA Seguros, to the ACE Group, a multiline P&C insurer. ABA Seguros is the fourth-largest insurer in the Mexican auto insurance market, and the transaction has a purchase price of $865 million in cash.
"Earlier this year, we began a process to pursue strategic alternatives for our international operations, and we have been encouraged by the breadth and depth of interest in these operations," says Ally CEO Michael A. Carpenter. "ABA Seguros is a strong business, and this transaction represents a significant step in what will be a series of actions to find the best solutions for the international businesses and to maximize value for our shareholders."
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