News Releases

NEW YORK--(BUSINESS WIRE)--The ACE Group today announced that it has acquired Rio Guayas Compania de Seguros y Reaseguros, a general insurance company in Ecuador that is owned by Banco de Guayaquil, for approximately US$55 million in cash.

Founded in 1993 and currently the fourth-largest non-life insurer in the country, Rio Guayas sells a range of insurance products, including motor, property, life, cargo, accident and health, casualty, marine and aviation, primarily through independent brokers and agencies and Banco de Guayaquil’s branches.

“Rio Guayas is very complementary to ACE’s existing business in Ecuador and will expand our capabilities considerably in terms of geography, products and distribution,” said Jorge Luis Cazar, Regional President of ACE’s Latin American operations. “The addition of Rio Guayas will offer enhanced access to small and middle-market businesses and individual consumers, will double our premium volume in Ecuador and will position ACE as one of the country’s top general insurers.”

The acquisition will be accretive to ACE’s earnings and book value per share.

The ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. 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 and potential future results 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 ACE's future operations in Ecuador could prove incorrect if the acquired company were to perform differently than currently expected by ACE or if anticipated expense-related efficiencies are not realized. More generally, the businesses of ACE and its subsidiaries worldwide could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, and economic, political, regulatory, insurance and reinsurance business conditions, as well as management’s response to these factors. 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. ACE undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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