ACE acquires Brazilian P&C insurer

ACE Limited is paying $685M for the corporate P&C insurance business of Itau Unibanco's (ITUB) Itau Seguros . Upon closing, ACE will be the largest P&C insurer in Brazil.

In 2013, the company had about $950M in gross premiums and an 18% market share. It has about 320 employees and relationships with over 600 brokers.

Already with a presence in Brazil, ACE's operations there include an established commercial and personal P&C business, an accident and health insurance business, along with life and reinsurance. The deal is expected to be completed in 2015 Q1 and be immediately accretive to earnings.

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