Howden, the London-based insurance group, announced it has acquired Contacto Corredores de Seguros S.A., a market-leading insurance broker in the Peruvian market.
Financial details of the deal were not disclosed. Howden said the acquisition represents a significant step in its strategy to expand its Latin American footprint.
Contacto was founded in 1984 by Maximiliano Goller, and was acquired by Buenaventura (BVN), a leading Peruvian precious metals producer and mining conglomerate, in 1987. It is headquartered in Lima, and is the second largest insurance broker in Peru, servicing approximately 3,000 clients. Its main lines of business include property/casualty and employee benefits, operating mainly in the precious metals mining industry.
“The acquisition of Contacto comes at an exciting time for Howden LatAm. We’ve recognised that demand for specialist insurance solutions is growing significantly in Latin America, and with the Contacto team on board we will be the second largest insurance broker in Peru, providing a credible alternative for clients in the country,” commented Pablo Bores, CEO, Howden LatAm.
“Howden LatAm is strengthening its position as a leading broker, combining local, specialised expertise with the scale of Howden’s international offering to meet growing client demand,” Bores added.
“Contacto is a market leader in Peru, and this acquisition represents an excellent opportunity to fully establish ourselves in another Latin American economy, to grow our business,” said Sonia Caamaño, CEO International Growth Markets, Howden. “Adding Contacto’s talented team to our Latin American footprint solidifies Howden’s presence in the region, and will enable us to provide the scale and bespoke solutions that our clients require.”
“We have worked successfully with Howden through our partnership with the Howden One network for a number of years and joining the Howden family permanently is the logical next step in our growth strategy, and represents an outstanding opportunity for our people and our clients,” according to Giulio Valz-Gen, CEO, Contacto.
“By leveraging Howden’s global network, data and analytics capabilities, and specialist expertise, we will provide the very best service for our clients and continue the growth momentum we have achieved as Contacto,” Valz-Gen said.
Howden and Contacto have had a working relationship since 2017 via the Howden One network, Howden’s global network of local strategic broker partners. Upon completion, Contacto will take Howden’s Latin America headcount to more than 800 people in Peru, Mexico, Colombia, Chile and Brazil, with support from Howden’s Miami hub.
Founded in 1994, Howden operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the U.S., Australia and New Zealand, employing 15,000 people and handling $35 billion of premium on behalf of clients.
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