Howden, the London-based insurance intermediary group, announced it has acquired Innova Re, a market leading, independent reinsurance broker headquartered in Lima.
Financial details of this deal were not disclosed.
Established in 2017 and led by Juan Diego Cadarso, its founder and CEO, Innova Re is the largest and fastest growing independent reinsurance broker in Peru, and is the fourth largest in the country overall, specialising in commercial lines, including Property, Aviation and Civil Liability.
Howden said the acquisition of Innova Re creates a new presence for Howden’s reinsurance business in Peru, as it continues its international expansion. In addition, it expands Howden Peru’s existing retail operations in the country, where it is the second largest insurance broker with 215 employees.
It follows the recent announcement of April McLaughlin’s appointment as managing director, Howden Miami, which will offer treaty and facultative reinsurance alongside its existing specialty insurance solutions across the region.
“Innova Re have worked alongside Howden for eight years, and the team is very well known to us, and we know that our cultures are perfectly aligned. Combining Innova Re’s advanced reinsurance capabilities with our leading position in Peru’s retail insurance market means we now have a full spectrum offering and are firmly positioned to serve our insurance, treaty, and facultative clients in the country,” commented Sonia Caamaño, CEO, International Growth Markets, Howden.
“I am looking forward to having Juan Diego join us as CEO of Howden Re Peru alongside Giulio Valz-Gen (CEO of Howden Peru Retail) to create a formidable new Howden team,” Caamaño added.
“We are pleased with the further expansion of Howden Re international network. The elevated expertise and insight that we can deliver to our reinsurance clients in Peru and LatAm is a key component of our growth strategy in the region,” said Mario Baotic, Howden Re’s head of International Growth Markets.
“Since Innova Re was founded in 2017, we chose Howden as our business partner — a relationship built on shared values and a client-first mindset. Becoming part of Howden today is the natural evolution of that partnership,” according to Juan Diego Cadarso, founder and CEO, Innova Re. “It enables us to better serve our clients by accessing a global network, cutting-edge data and analytics, and world-class specialist expertise. Together, we’re stronger and better positioned to continue the growth momentum we’ve built as Innova Re.”
Source: Howden
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