Privately-owned global insurance broker Lockton announced that it “plans to strengthen its position in Latin America by entering into a joint venture with facultative reinsurance broker, Security Re, in Ecuador.
“The new venture will be titled Lockton Security Intermediarios De Reaseguros S.A., or Lockton Security.” It is scheduled to commence operation in the coming weeks, subject to regulatory approval. Lockton alsosaid it has taken “a minority shareholding in the firm.”
The bulletin explained that “Security Re’s 18-member team operates out of the capital Quito in Ecuador and, backed by Lockton’s international resources, will deal with all classes of facultative reinsurance with an emphasis on major property exposures.”
Lockton Partner Chris Brown commented: “The agreement commits both our firms to an association that will combine Lockton’s international resources, consultancy and technical expertise with Security Re’s local skills and capabilities.
“The Quito office will be backed by a wealth of reinsurance expertise operating out of London and across our global operations, which serve clients around the world. We are excited about the development of this business.”
Lockton Security Re’s Esteban Merlo added: “Since our establishment, Security Re has strived to be a value driven intermediary with an emphasis on client service and a commitment to quality -– a key value our Associates share with Lockton.”
Lockton also noted that the agreement with Security Re will not affect its “partnership with retail broker, Ecuaprimas, which will continue to service corporate clients’ direct insurance and risk management needs in Ecuador.