Ace has continued its strategy of bolt-on acquisitions in emerging economies by agreeing to acquire Mexican surety insurer Fianzas Monterrey for $285mn.
Fianzas Monterrey, the second biggest surety insurer in Mexico and third largest in Latin America, is owned by New York Life Insurance Company.
The Mexican insurer offers administrative performance bonds primarily to clients in the construction and industrial sectors. It has three regional offices and 25 branch offices and uses a network of nearly 600 agents and brokers...
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