Global insurance group Howden has acquired a broker in Peru to increase its market share in the country.
The purchase of Contacto Corredores de Seguros S.A (Contacto) represents “a significant step in the group’s strategy to expand its Latin American footprint”, Howden said.
Prior to the acquisition, Howden and Contacto have worked together since 2017 through the Howden One Network, Howden’s global network of local strategic broker partners.
When the M&A is complete, Contacto will increase Howden’s LatAm headcount to more than 800 people working across Peru, Mexico, Colombia, Chile and Brazil, with support from Howden’s Miami hub.
Pablo Bores, CEO of Howden LatAm, said: “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 LatAm, 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.”
Contacto was founded in 1984 by Maximiliano Goller and is headquartered in Lima. It was previously acquired by Buenaventura (BVN), a Peruvian precious metals producer and mining conglomerate, in 1987. Contacto has around 3,000 clients offering services in its main lines of business: property and casualty and employee benefits. It operates mainly in the precious metals mining industry.
Sonia Caamaño, CEO International Growth Markets at Howden, added: “Contacto is a market leader in Peru, and this acquisition represents an excellent opportunity to fully establish ourselves in another LatAm economy, to grow our business.
“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.”
Contacto CEO Giulio Valz-Gen said: “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.”
Source: Intelligent Insurer