Zurich Financial Services Group said it plans to acquire ACC Seguros y Reaseguros de Da?os, S.A. in Spain, expanding its underwriting of surety business there. Financial terms were not disclosed.
Zurich said the acquisition of ACC, a leading surety writer based in Galapagar, just outside of Madrid, would position the company as the leading writer of surety insurance in Spain.
The company added that the move also reflects the strategy of Zurich's business division, Europe General Insurance, to further expand its footprint in the European Credit & Surety market.
Family-owned ACC has been in business for almost 20 years with branches in Madrid, Seville and Valencia. It currently has an annual premium income of approximately $20 million (EUR15 million).
“The acquisition of ACC marks another step in our pursuit of continued profitable growth and of delivering service excellence in Credit & Surety throughout our chosen markets,” said Dieter Wemmer, chief executive officer of Europe General Insurance.
Mr. Wemmer said the acquisition “will enlarge our already established activities as the fourth largest provider in the C&S field in Europe. Customers in Spain will benefit from Zurich's underwriting capacity and international surety experience and network.”
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