Zurich-based Echo Reinsurance Ltd., wholly owned subsidiary of German mutual insurance group DEVK, announced that it will target writing treaty reinsurance from Latin America in order to further enhance and diversify its portfolio.
Echo Re also noted that it has an “exclusive cooperation with Emerging Global Risk Management, Inc., (EGRM) based in Miami/Florida. EGRM is owned and managed by Alvaro Madroñero, who is a well-known and well-respected reinsurance veteran in the region.”
Echo Re’s CEO Dr. Peter Hugger, who indicated he is “very pleased with the unique cooperation with EGRM, said the company “intends to further diversify its business and with EGRM,” as a partner to advise them on their entry into the Latin American market.
Hugger added: “We are very confident and elated to start working with EGRM and Alvaro Madroñero. His know-how of the Latin American markets and his relationships are extremely valuable for us. ”
Madroñero has expressed his heartfelt commitment to the joint endeavor. He said: “Our Echo Re & EGRM partnership embraces traditional integrity driven core values of our industry that will no doubt allow us to bring both capital backing and advisory counsel to the Latin American Regional market.
“It is indeed a valued privilege to undertake the building of a Latin American portfolio from the ground up. Our key driver in this endeavor is our wholehearted commitment to establishing strong and enduring ties with our Clients”.
Source: Echo Re