ACE Acquires General Insurer Rio Guayas in Ecuador for $55M
The ACE Group today announced that it has acquired 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 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.”
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.