Business Moves: Howden Acquires Chilean Retail Broker; United Risk Purchases Australian Facultative Reinsurance MGA, Pinnacle Underwriting

Howden Acquires Chilean Retail Insurance Broker

Howden, the London-based insurance intermediary group, announced it has acquired Ureta & Fernandez Corredores de Seguros Limitada (U&F), an independent retail insurance broker headquartered in Santiago, Chile.

Following completion of the acquisition, Felipe Ureta assumes the role of CEO of Howden Chile.

Financial details of the deal were not disclosed.

Howden said the acquisition boosts its LatAm strategy to invest in and develop its presence in five key countries: Mexico, Colombia, Brazil, Peru and Chile, for the benefit of clients in the region.

Founded by Felipe Ureta in 2010 and Matias Fernandez who joined him shortly after, U&F specializes in property/casualty, motor, civil liability, construction, and marine hull insurance, with additional expertise in specialty lines including aviation, financial lines, and reinsurance. U&F also has a strong marine market presence in the south of Chile, servicing the fishing industry, reflecting Howden’s commitment to investing in local expertise.

This follows the recent acquisition of Innova Re, one of the largest independent reinsurance brokers in Peru, further reinforcing Howden’s commitment to deliver growth in the region.

“U&F have worked alongside Howden’s Marine specialty team for a number of years, and the leaders of our existing business in Chile saw in them a natural fit and succession,” commented Sonia Caamaño, CEO, International Growth Markets, Howden.

“Both Howden Chile and U&F have strong ambitions, and it was only through combining forces that our vision of providing an integrated and powerful proposition, with strong distribution and expertise could be realized. By adding their talented team to our existing Chilean footprint, we solidify Howden’s presence in the country, enabling us to continue providing the scale and bespoke solutions that our clients require,” Caamaño said.

“We have enjoyed a successful partnership with Howden over the years, and joining the Howden family permanently is a significant next step in our journey, enabling us to leverage the full force of Howden’s global capabilities and expertise to better serve our clients,” according to Ureta, founder and CEO of U&F and new CEO of Howden Chile.

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United Risk Purchases Australian Facultative Reinsurance MGA, Pinnacle Underwriting

United Risk, the New York-headquartered property/casualty underwriting platform, announced it has completed the acquisition of Pinnacle Underwriting Pty Ltd., along with its affiliate Pinnacle Holdings Group Pty Ltd., collectively called “Pinnacle Underwriting.”

Financial details of the deal were not disclosed.

Launched in 2019, Pinnacle Underwriting is a specialty facultative reinsurance MGA, headquartered in Sydney, Australia, with offices in Melbourne, Singapore, and Dubai. Pinnacle manages a substantial book of reinsurance business of which 70% originates in the Asia-Pacific region with the remainder mostly in the Middle East and North Africa (MENA).

Led by a seasoned and experienced executive team and specializing in facultative reinsurance for the underlying lines of property, power generation & utilities, onshore oil & gas, and political violence & terrorism, Pinnacle underwrites and adjusts claims on behalf of a growing panel of high-quality “A” and “AA”-rated carriers and distributes through all of the major reinsurance brokerages.

Pinnacle’s clients are a broad base of insurance company cedents and include most of the major global insurance groups operating in the region.

“The acquisition of Pinnacle puts United Risk squarely within the top five largest MGAs in the world. United Risk has consistently produced solid, profitable results all across its many divisions while expanding and strengthening its MGA platforms,” commented Hayden Smith, United Risk’s regional CEO with responsibility for operations in Asia and Australia. “Now, United Risk has achieved a diversified scale and geographic reach matched by few, if any, of its peers.”

Smith explained that on a global scale, the entire premium base for the regions covered by Pinnacle is relatively small, which makes it challenging for a primary insurer to accumulate significant premium. “Gaining meaningful market exposure through reinsurance makes a lot of sense to us as we work to diversify globally.”

Smith further observed the great value that lies in Pinnacle’s property business which accounts for nearly 80% of its writings. “Together with our strategic partners, we have methodically divested of nearly all property exposure in the US, such that the addition now of Pinnacle’s worldwide property business, which has been quite profitable for many years performing well through catastrophe events, immediately rounds out United Risk’s portfolio by line.”

“Pinnacle has a nurtured, entrepreneurial culture, yet, ours is a highly technical business: we will benefit from this strategic partnership – one in which our values and the level of underwriting sophistication are shared,” according to Jon Gilliott, founder and CEO of Pinnacle Underwriting, and now a partner at United Risk. “As its founder, I am enthusiastic to continue to lead Pinnacle’s advancement and progress to a new level.”

Insurance Advisory Partners and Ashurst LLP served as the exclusive financial and legal advisors, respectively, to Pinnacle Underwriting in this transaction. United Risk was advised by Clyde & Co.

United Risk Global is an international property and casualty insurance underwriting and distribution platform, independently owned and operated by its practice partners and affiliated with Applied Underwriters operationally. United Risk’s home office is located at 50 Rockefeller Plaza in New York.

Topics Mergers & Acquisitions Agencies Underwriting Reinsurance Insurance Wholesale Australia