ACE To Acquire Large Corporate P&C Business Of Itaú Seguros For About $685 Mln

(RTTNews) - ACE Ltd (ACE), a multiline property and casualty insurer, announced a definitive agreement to acquire the large corporate property and casualty or P&C business of Itaú Seguros, S.A.in Brazil from Itaú Unibanco S.A. (ITUB) for approximately $685 million. The transaction is expected to be completed in the first quarter of 2015 and be accretive to earnings immediately.

ACE said on the completion of the transaction, it would be the largest commercial P&C insurer in the largest market in Latin America.

The Itaú Seguros large corporate P&C insurance business, established in 2006 focuses on a broad array of property and marine coverages for large corporate accounts. Itaú Unibanco, Brazil's largest non-government bank owns it since 2009. The business recorded approximately $950 million in gross premiums written in 2013. It has around 320 employees.