U.S.-based specialty insurance corporation H.W. Kaufman Group announced its expansion into South America through the acquisition of Prospect Brokers Chile, based in Santiago, Chile.
Financial details of the deal were not disclosed.
As a result of the acquisition, Prospect Brokers Chile has been rebranded as Chesterfield LatAm and is relocating to a larger office to accommodate growth. Chesterfield, a Lloyd’s insurance and reinsurance broker in London, is a subsidiary of Kaufman.
This is the 11th international acquisition by Kaufman in the past nine years, as the company follows a strategic growth plan that expands its expertise and resources to serve a growing base of international clients.
“This strategic opportunity with Prospect Brokers Chile now marks H.W. Kaufman Group’s presence in three continents,” said Alan Jay Kaufman, chairman, president and CEO of H.W. Kaufman Group, which is headquartered in Farmington Hills, Mich. “Chile has a well-established insurance market and we see great opportunity to build our team in the new location with plans to further expand into other countries in South America.”
As a full-service specialty insurance distribution brokerage firm, Prospect Brokers Chile (now Chesterfield LatAm) offers various coverages such as complex commercial, marine and mining industries, energy, aviation, construction, professional liability, professional indemnity and financial services.
Mauricio Loyola, the previous owner of Prospect Brokers Chile, has more than 25 years of experience in the insurance industry and will serve as managing director. Loyola reports to Andrew Thacker, executive director, Chesterfield Group, London.
“Chesterfield Group has a strong presence and reputation in the London market, and we are excited to now reenter the Latin America market with our new office in Santiago, Chile,” said Thacker. “This venture will enhance our capabilities across our global companies, providing our clients and partners access to the Chile team’s expertise.”
The new office is located at Cruz del Sur # 133, Oficina 301, Las Condes, Santiago, Chile.
About H.W. Kaufman Group
H.W. Kaufman Group, which has more 60 offices across the United States, Canada, Europe and South America, employs more than 2,000 professionals. Founded in 1969, H.W. Kaufman Group includes: Burns & Wilcox, Burns & Wilcox Brokerage, Burns & Wilcox Canada, Atain Insurance Cos., Afirm, Global Excess Partners, RB Jones, Stonemark, Minuteman Adjusters, and Kaufman Institute.
H.W. Kaufman Group International includes: H.W. Kaufman Group Europe, Chesterfield Group, Chesterfield LatAm, Lochain Patrick, Burns & Wilcox United Kingdom, Node International, and Cranbrook Underwriting.
Source: H.W. Kaufman Group
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