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.
