(Reuters)–U.S. property and casualty insurer ACE Ltd said itbought a general insurance company in Ecuador for $55 million toenhance its base in the country.
|ACE bought Banco de Guayaquil's unit Rio Guayas Compania deSeguros y Reaseguros, which is currently the fourth-largestnon-life insurer in Ecuador, the company said in a statement.
|The deal follows a host of acquisitions by ACE as it tries toexpand its presence across the world.
|In September, ACE bought Penn Millers Holding Corp for $107million to boost its presence in the booming agricultural insurancesector.
|Earlier in June, it acquired its Malaysian joint venture fromAdvance Synergy Capital Berhad for $39 million in cash.
|ACE Group said the deal will add to its earnings and book valueper share.
|Property and casualty insurers like Ace have been benefittingfrom improving pricing environment and low exposure to volatileequity markets.
|Shares of ACE, valued at $23.80 billion, closed at $69.97 onThursday on the New York Stock Exchange.
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