MetLife Buys Mexico's Hidalgo
MetLife, the largest insurer in the United States, has
agreed to buy Mexico's state-owned Aseguradora Hidalgo for $965
million in cash, outbidding rival insurers aiming to expand
into Latin America's biggest economy and its fastest-growing
insurance market. MetLife beat out Spain's Corporación
Mapfre and Grupo Financiero Inbursa, the banking and insurance
company owned by Mexican billionaire Carlos Slim. Hildago
provides mainly life insurance to federal employees and
controls 13% of Mexico's $11 billion insurance market, making
it the country's largest life insurer. It will now become
Mexico's second-largest overall insurance company, behind
Seguros Comercial América. New York-based MetLife
already has over 1.3 million customers in Mexico, where it has
been selling life insurance for more than 10 years. MetLife was
advised by Credit Suisse First Boston and UBS Warburg. The
Hidalgo privatization is part of the government's effort to
raise as much as $4 billion from...
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