(Reuters)–U.S. property and casualty insurer ACE Ltd said it bought a general insurance company in Ecuador for $55 million to enhance its base in the country.
ACE bought Banco de Guayaquil's unit Rio Guayas Compania de Seguros y Reaseguros, which is currently the fourth-largest non-life insurer in Ecuador, the company said in a statement.
The deal follows a host of acquisitions by ACE as it tries to expand its presence across the world.
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