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Brazil: ACE to buy Itau's high-risk corporate insurance unit

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Brazil's Itau Unibanco Holding S.A. is selling its high-risk corporate insurance unit to ACE Ltd., Reuters reported.

ACE will pay 1.51 billion Brazilian reals ($683.1 million) for the unit, which specializes in providing coverage for large corporate projects in high-risk segments.

ACE expects the deal to be completed in the first quarter of 2015.

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