Ace acquires Brazilian P&C insurer
Global insurer Ace has agreed to acquire the large corporate property and casualty business of Brazil-based Itaú Seguros from Itaú Unibanco for approximately $685m. Upon completion of the transaction, Ace will be the largest commercial P&C insurer in Brazil, the firm claimed.
The Itaú Seguros large corporate P&C insurance business was established in 2006 and has been 100% owned by Itaú Unibanco,
Brazil's largest non-government bank, since 2009. In 2013, the business had
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