Insurance company Ace Ltd. (NYSE: ACE) will buy ABA Seguros from Ally Financial for $865 million in cash.
ABA Seguros is a property and casualty insurer, providing auto, homeowners and small business coverage, based in Monterrey, Mexico.
The company announced in September that it would acquire Mexico City-based Fianzas Monterrey for $285 million. Fianzas offers administrative performance bonds to clients in the construction and industrial sectors.
Ace, based in Zurich, Swiitzerland, has operations in 53 countries.
Mayer Brown LLP represented Ace for the transaction.