Filhet-Allard Maritime, the France-based insurance broker for the commodities trading, shipping and industrial markets, has acquired a controlling stake in Latitude Brokers, a specialist marine broker based in Asia with headquarters in Hong Kong.
The acquisition has received regulatory approval from authorities in both Hong Kong and Singapore. Financial details of the transaction were not disclosed.
Latitude Brokers was founded in Hong Kong in 2014 and expanded to Singapore in 2016. It services clients predominantly in the Asia-Pacific region across the marine, offshore, and global supply chain sectors.
This deal is the latest step in Filhet-Allard Maritime’s continued global expansion plan, which already includes operations in Switzerland, Ivory Coast and Turkey. The acquisition will provide Filhet-Allard Maritime with a new platform for expansion in the Asian market, where it is already a well-known broker in the commodities sector.
In addition, the new setup is designed to create a direct link between Europe, Africa and Asia which will provide a unique service offering to existing and future clients.
“The acquisition of Latitude Brokers will be a game changer for our group,” said a joint statement issued by Henry Allard and Christian Barnabe, president and managing director of Filhet-Allard Maritime, respectively.
“It will consolidate our position as a global maritime insurance broker and anchor our operations in Asia. The complementary nature of our portfolios in the shipping and in the commodities sectors will provide a solid base to propel our business in the region,” the statement continued.
Latitude Founding Partners, Vanessa Toucas, Andrew Brooker, Tom Fulford-Smith and Charles D’Alton together commented: “We are very grateful for the hard work and support of our staff and clients, many of whom have been with us since the very early years. We have known the Filhet-Allard Maritime team for nearly 20 years. We both see the Asian market as a critical component of a global operation and are excited to grow together.”
Latitude will maintain its brand identity as they begin this new stage in their development. The acquisition will accelerate the changes it wants to implement, including immediate plans for growth in Singapore and Hong-Kong.
Henry Allard, Christian Barnabe and Léon Lederman will join the Latitude board of directors.
About Filhet-Allard Maritime
Filhet-Allard Maritime is a leading insurance broker in the world’s major commodities trading, shipping and industrial markets. Founded in Bordeaux in 1846, the company is now being led by the sixth generation of the Allard family. Filhet-Allard Maritime’s technical and logistical platform employs more than 100 experts with operations in France, Switzerland, Ivory Coast and Turkey.
Source: Filhet-Allard Maritime
Topics Mergers & Acquisitions Agencies
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