ACE Group Buys Ecuadorian Insurer Rio Guayas

Global insurance products company the Ace Group has acquired Ecuadorian insurer Rio Guayas Compania de Seguros y Reaseguros for $55m in cash. The deal enhances ACE’s already existing operations in the Andean country, ACE says in a note. ACE officials could not immediately comment on the deal’s valuation or advisors involved. Rio Guayas is a leading insurance and reinsurance company that offers life, auto, health and other insurance products to consumers in Ecuador.