ACE Limited Will Acquire Fianzas Monterrey for $285M
ACE Limited (NYSE: 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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