Howden, the London-based insurance intermediary gro
up, 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 fa
stest growing independent reinsurance broker in Peru, and is the fou
rth 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 expand
s 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, whic
h 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
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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 posi
tion in Peru’s retail insurance market means we now have a full spect
rum 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.