Insurance coverage firm Howden has acquired Innova Re, a reinsurance dealer primarily based in Lima, Peru, establishing a brand new reinsurance presence within the nation.
This buy is claimed to enhance the corporate’s present retail operations, the place it employs 215 folks.
Innova Re started operations in 2017 underneath the management of founder and CEO Juan Diego Cadarso.
It specialises in business strains together with property, aviation and civil legal responsibility insurance coverage.
Diego stated: “Since Innova Re was based in 2017, we selected Howden as our enterprise associate – a relationship constructed on shared values and a client-first mindset. Turning into a part of Howden at the moment is the pure evolution of that partnership.
“It allows us to raised serve our purchasers by accessing a world community, cutting-edge information and analytics, and world-class specialist experience.”
The acquisition is a part of Howden Peru’s development plan, aiming to supply an built-in service to purchasers, insurers and staff all through Latin America.
Howden CEO Of worldwide development markets Sonia Caamaño said: “Innova Re have labored alongside Howden for eight years, and the crew may be very well-known to us, and we all know that our cultures are completely aligned.
“Combining Innova Re’s superior reinsurance capabilities with our main place in Peru’s retail insurance coverage market means we now have a full spectrum providing and are firmly positioned to serve our insurance coverage, treaty and facultative purchasers within the nation.”
Caamaño added: “I’m wanting ahead to having Juan Diego be a part of us as CEO of Howden Re Peru alongside Giulio Valz-Gen (CEO of Howden Peru Retail) to create a formidable new Howden crew.”
The deal follows the current appointment of April McLaughlin as managing director of Howden Miami, with the intention to broaden reinsurance providers within the area.
Earlier within the yr, Howden acquired Barnett Waddingham, a UK-based consultancy that gives a spread of providers together with insurance coverage, threat administration, pensions and investments.
