ACE to Acquire Large Corporate P&C Insurance Business of Itaú Seguros, Strengthening Existing Market Position in Brazil

  ACE to Acquire Large Corporate P&C Insurance Business of Itaú Seguros,
  Strengthening Existing Market Position in Brazil

  ACE to become #1 commercial P&C insurer in Latin America’s largest market

Business Wire

ZURICH -- July 4, 2014

ACE Limited (NYSE:ACE) announced today that it has reached a definitive
agreement to acquire the large corporate property and casualty (P&C) business
of Itaú Seguros, S.A. from Itaú Unibanco S.A. for approximately $685 million.
Upon completion of the transaction, ACE, which has a longstanding presence in
Brazil, will be the largest commercial P&C insurer in the largest market in
Latin America.

The Itaú Seguros large corporate P&C insurance business was established in
2006 and has been 100% owned by Itaú Unibanco, Brazil’s largest non-government
bank, since 2009. In 2013, the business had approximately $950 million in
gross premiums written and an 18% market share, making it Brazil’s leading
commercial P&C carrier for the large corporate market. The business, which
focuses on a broad array of property and marine coverages for large corporate
accounts, has approximately 320 employees, a national distribution footprint
and relationships with more than 600 brokers.

“Brazil is a large and important market to ACE’s strategy in Latin America.
The addition of Itaú Seguros’s large corporate P&C insurance business will
complement and deepen our longstanding presence in Brazil in a significant
way,” said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE
Limited. “This is a great opportunity to acquire from one of the region’s
largest and most highly regarded banks an insurance market leader that has
complementary business lines, national reach, extensive distribution, a
diversified portfolio and, importantly, an experienced, professional and
talented management team with an underwriting culture similar to ours. We are
delighted that they will be joining ACE.”

ACE’s operations in Brazil currently include an established commercial and
personal P&C business, a significant accident and health insurance business,
as well as life insurance and reinsurance. The transaction, which is subject
to regulatory approval, is expected to be completed in the first quarter of
2015 and be accretive to earnings immediately.

ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and supplemental
health insurance, reinsurance and life insurance to a diverse group of
clients. ACE Limited, the parent company of ACE Group, is listed on the New
York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
Additional information can be found at: www.acegroup.com.

Cautionary Statement Regarding Forward-Looking Statements:

All forward-looking statements made in this press release, related to the
acquisition ofthe large P&C business of ItaúSeguros, S.A.or otherwise,
reflect ACE’s current views with respect to future events, business
transactions and business performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements involve risks and uncertainties, which may cause actual results to
differ materially from those set forth in these statements. For example, ACE’s
forward-looking statements related to thelarge P&C business ofItaúSeguros,
S.A.and the anticipated acquisition could prove incorrect if the transaction
were to not close, ifthe large P&C businessofItaúSeguros, S.A.and its
subsidiaries were to perform differently than currently expected by ACE or if
anticipated expense-related efficiencies are not realized. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the dates on which they are made. The company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

Contact:

ACE Limited
Investor Contact:
Helen M. Wilson, 441-299-9283
helen.wilson@acegroup.com
or
Media Contact:
Jeffrey Zack, 212-827-4444
jeffrey.zack@acegroup.com
or
Vivian Budinich García, +(562) 2549 8276
vivian.budinich@acegroup.com
 
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