International broker and risk management firm Integro announced an agreement with HR Latinoamerica Ltda. Corredores de Reaseguros (HRL) to serve as HRL’s exclusive London wholesale reinsurance trading partner.
The licensing agreement grants HRL Colombia use of the Integro name and also establishes HRL as Integro’s exclusive licensee for reinsurance business in Colombia. Financial details of the agreement were not disclosed.
“This is a strategic relationship that expands and further develops Integro’s global wholesale reinsurance offerings throughout Latin America,” said John Sutton, head of Integro’s international operations based in London. “And HRL aligns with an established London broker providing access to all the London insurance markets, including Lloyd’s.”
Under terms of the agreement, HRL will continue to source reinsurance business from retail brokers and carriers in the region. Integro will act as exclusive London wholesale trading partner for this business.
HRL will rebrand as Integro Andina Ltda. Corredores de Reaseguros.
“With our strong domestic growth came the realization that joining forces with a leading international broker with expertise serving the reinsurance needs of clients would be of significant benefit,” said Julian Suza, president of Bogota, Colombia-based HRL. “Integro shares our commitment to provide unparalleled client service, and we are excited to be partnering with John and his superb wholesale reinsurance team.”
Integro has a strong Latin America reinsurance and wholesale presence via relationships with brokers in Chile, Ecuador and Costa Rica, and now Colombia and Peru, said the New York City-based company in a statement.
“This agreement with Julian and his colleagues, marking our first wholesale trading relationship in Colombia, is significant for Integro,” said William Goldstein, Integro’s CEO. “An established entity in the Colombian reinsurance market, HRL is highly regarded and we look forward to leveraging that strong base in Colombia’s growing economy, and throughout South and Central America.”
Founded in 1996, HR Latinoamerica Ltda. has focused on reinsurance in property, energy, engineering, casualty and financial lines. It currently is one of the top three reinsurance brokers in Colombia, with operations in other Latin American countries such as Peru and Venezuela.
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