GMAC Insurance Holdings, Inc., the Insurance division of General Motors Acceptance Corp., announced that it has completed the acquisition of ABA Seguros, S.A., one of Mexico’s largest property/casualty and auto insurers, from Abaco Grupo Financiero, S.A. de C.V.
ABA Seguros is primarily an auto insurer, headquartered in Monterrey with over 700 employees in 35 offices throughout Mexico. It underwrote more than $200 million in premiums in 2001. “ABA Seguros has grown steadily and profitably since 1995, and has established a reputation in Mexico for innovative and high-quality service. The company has an Internet capability that is among the most advanced in the Mexican market,” stated Ronald Judd, GMAC Insurance VP of international operations.
The move highlights GMAC’s expansion strategy in building a global presence in automobile related insurance services. “The acquisition positions GMAC Insurance in the Mexican marketplace and represents a significant step in the company’s international expansion strategy,” said William B. Noll, president, GMAC Insurance Holdings, Inc., in the announcement.