ACE EXPANDS ECUADORIAN BUSINESS BY ACQUIRING RIO GUAYAS

Ace Ltd has moved to expand operations in Ecuador by acquiring Rio Guayas Compania de Seguros y Reaseguros from Banco de Guayaquil, paying $55m in cash. Rio Guayas was founded in 1993 and now ranks as the fourth-largest Ecuadorian p/c insurer, offering motor, property, life cargo, accident & health, casualty, marine and aviation cover through the bank's branches and independent agents, Ace said. "Rio Guayas is very complementary to Ace's existing business in Ecuador and will expand our capabilities considerably in terms of geography, product and distribution", said Jorge Luis Cazar, president of Ace's Latina America operating region. The acquisition will double Ace's premium volume in Ecuador by boosting access to small and middle-market commercial clients and individuals, he said.