ACE Limited has completed the acquisition of Fianzas Monterrey in Mexico from New York Life Insurance Company for approximately $293 million in cash.

Mexico City-based Fianzas Monterrey is Mexico's second largest surety lines writer and the third largest in Latin America, offering administrative performance bonds primarily to construction and industrial clients. The company has an extensive presence throughout Mexico, including 25 branch offices, and distributes its products through a network of nearly 600 independent agents and brokers.

“We are pleased to complete the acquisition of Fianzas Monterrey, which has 70 years of experience in the Mexican market and is recognized for its technical excellence, impressive management and modern systems,” said Evan Greenberg, chairman and chief executive officer, ACE Limited. “In addition to enhancing our global franchise in the surety business, Fianzas Monterrey adds significantly to ACE Seguros, our existing commercial lines and personal accident insurance business in Mexico, a market where the environment for strong economic growth over the near and long term is very promising.”