Seguros Cervantes sold Seguros Cervantes to Liberty Mutual

Seguros Cervantes is the insurance branch of Banco Internacional, the sixth largest bank in Ecuador and part of the Spanish conglomerate Grupo IF Liberty Mutual is one of the largest insurance groups in the world, with over 900 offices in 26 countries and assets of about US$117 billion as of 2011 As a result of the transaction and taking into account the simultaneous acquisition of another local insurance company, Liberty entered the Ecuadorian market to become the 4th largest private insurer Alpax acted as exclusive financial advisor of Grupo IF