ACE Completes Acquisition of Mexican Surety Lines Company Fianzas Monterrey

Mon Apr 1, 2013 8:16pm EDT

* Reuters is not responsible for the content in this press release.

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130402:nBw016047a

ZURICH--(Business Wire)--
ACE Limited (NYSE: ACE) announced today that it has completed the acquisition of
Fianzas Monterrey in Mexico from New York Life Insurance Company for
approximately $293 million in cash. 

Mexico City-based Fianzas Monterrey is the nation`s second-largest surety lines
writer and the third-largest in Latin America, offering administrative
performance bonds primarily to construction and industrial clients. The company
has an extensive presence throughout Mexico, including 25 branch offices, and
distributes its products through a network of nearly 600 independent agents and
brokers. 

"We are pleased to complete the acquisition of Fianzas Monterrey, which has 70
years of experience in the Mexican market and is recognized for its technical
excellence, impressive management and modern systems," said Evan Greenberg,
Chairman and Chief Executive Officer, ACE Limited. "In addition to enhancing our
global franchise in the surety business, Fianzas Monterrey adds significantly to
ACE Seguros, our existing commercial lines and personal accident insurance
business in Mexico, a market where the environment for strong economic growth
over the near and long term is very promising." 

The ACE Group is one of the world`s largest multiline property and casualty
insurers. With operations in 53 countries, ACE provides commercial and personal
property and casualty insurance, personal accident and supplemental health
insurance, reinsurance and life insurance to a diverse group of clients. ACE
Limited, the parent company of the ACE Group, is listed on the New York Stock
Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional
information can be found at: www.acegroup.com. 

Cautionary Statement Regarding Forward-Looking Statements:

All forward-looking statements made in this press release, related to the
acquisition of Fianzas Monterrey or otherwise, reflect ACE`s current views with
respect to future events, business transactions and business performance and are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve risks and uncertainties, which may
cause actual results to differ materially from those set forth in these
statements. For example, ACE`s forward-looking statements related to future
business operations of Fianzas Monterrey could prove incorrect if Fianzas
Monterrey and its subsidiaries were to perform differently than currently
expected by ACE or if anticipated expense-related efficiencies were not
realized. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on which they are
made. The company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

ACE Limited
Investor Contact:
Helen M. Wilson, (441) 299-9283
helen.wilson@acegroup.com
or
Media Contacts:
Stephen Wasdick, (212) 827-4444
stephen.wasdick@acegroup.com
or
Vivian Budinich, 56 (2) 5498276
Vivian.budinich@acegroup.com



Copyright Business Wire 2013