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

Posted On: Jul. 7, 2014 12:00 AM CST

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.