ACE Limited ACE announced today that it has reached a definitive
agreement to acquire Fianzas Monterrey in Mexico from New York Life Insurance
Company for approximately $285 million in cash.
Established in 1943 and headquartered in Mexico City, Fianzas Monterrey is
Mexico's second-largest surety lines company and the third largest in Latin
America, offering administrative performance bonds primarily to clients in the
construction and industrial sectors. The company has an extensive presence
throughout Mexico, including three regional offices and 25 branch offices, and
distributes its products through a network of nearly 600 independent agents
and brokers.
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