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ACE completes Fianzas Monterrey acquisition

NEW YORK (AP) -- Property and casualty insurer ACE Ltd has completed its acquisition of Mexico's Fianzas Monterrey for about $293 million from New York Life Insurance Co.

The deal was announced in September. Privately held New York Life had acquired Fianzas Monterrey in 2000 and said in September that while the company was a well-run and profitable business, it fell outside its focus on life insurance.

Mexico City-based Fianzas Monterrey was founded in 1943 and is Mexico's second-largest surety lines company, offering administrative performance bonds mainly to construction and industrial clients. It has 25 branch offices and distributes its products through nearly 600 independent agents and brokers.

ACE Chairman and CEO Evan Greenberg said in a statement on Tuesday that the transaction will add to its existing commercial lines and personal accident insurance business in Mexico.

ACE, which is based in Switzerland, provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.