Cooper Gay Swett & Crawford Limited (CGSC), the global wholesale insurance and reinsurance broker, announced the acquisition of the remaining 49.99 percent shareholding in Cooper Gay Chile S.A. from Servicios Security SA, part of Security Financial Services Group. CGSC now owns all of the company’s outstanding shares.
Terms of the agreement were not disclosed. The bulletin said the share acquisition “is in line with CGSC’s continuing strategy of 100 percent ownership of its global operations. Cooper Gay Chile was formed in 2004 and is the 3rd ranked reinsurance broker in the Chilean market.”
The company is led by “Guillermo Pastore, CEO for the Cono Sur region (comprising Argentina, Chile, Paraguay and Uruguay) and General Manager, Luc Van Eyghen, Cooper Gay Chile specializes in the placement of facultative and treaty reinsurance for industry sectors including energy, mining, public utilities, large industrial and commercial operations. The 23 strong team also places catastrophe excess of loss programs.”
CGSC’s acquisition of the remaining share of its Chilean subsidiary follows the “the closing of CGSC’s investment agreement with Lightyear Capital LLC (Lightyear) in January 2013, under which the New York-based private equity firm along with institutional co-investors took a controlling interest in CGSC,” the bulletin explained. The agreement provides the company “with the ability to continue its growth by acquisition of high quality businesses and teams in the wholesale and reinsurance markets.”
Steve Jackson, Regional CEO for Latin America said: “Acquiring the remaining shares in Cooper Gay Chile clearly shows CGSC’s continued commitment to growing its business in Latin America. We have significant development plans for this operation and intend to stay at the forefront of reinsurance broking in the region.”
Toby Esser, CGSC Group CEO said: “Latin America has played a significant part in the development of Cooper Gay since its formation. We are therefore delighted to be able to secure 100 percent ownership of our Chilean business as we invest in the people and infrastructure required to take advantage of the considerable opportunities created by the growing reinsurance needs of its clients.”
Source: Cooper Gay Swett & Crawford
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