Business & Banking

Jul 1, 2002

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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