Howden acquires Chilean retail insurance broker U&F
Howden, the global insurance and reinsurance broking group, has acquired a Santiago-headquartered independent retail insurance broker, Ureta & Fernandez Corredores de Seguros Limitada (U&F).
U&F was founded in 2010 by Felipe Ureta, the current Chief Executive Officer (CEO), with Matias Fernandez joining shortly after.
The broker specialises in P&C, motor, civil liability, construction and marine hull insurance, with additional expertise in specialty lines including aviation, financial lines, and reinsurance.
It has a strong marine market presence in southern Chile, servicing the fishing industry, reflecting Howden’s commitment to investing in local expertise.
According to the terms, following the closing of the acquisition, Ureta will become CEO of Howden Chile.
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This acquisition strengthens Howden’s existing position in Chile, aligning with its regional strategy to invest in and develop its presence in five key countries: Mexico, Colombia, Brazil, Peru, and Chile.
The deal follows Howden’s 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.
Sonia Caamaño, CEO, International Growth Markets, Howden, commented, “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.
“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 realised. 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.
Ureta added, “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.”
Francisco Iglesis and Pedro Iñiguez, Howden Chile, said, “Through the acquisition of U&F we will be able to expand and strengthen our existing capabilities and service offering whilst maintaining our commitment to excellence in service. We are excited about the world of new opportunities this acquisition will generate, whilst moving forward with the same principles and commitments that have always characterised and differentiated us in the market.”
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Howden, the global insurance and reinsurance broking group, has acquired a Santiago-headquartered independent retail insurance broker, Ureta & Fernandez Corredores de Seguros Limitada (U&F). U&F was founded in 2010 by Felipe Ureta, the current Chief Executive Officer (CEO), with Matias Fernandez joining shortly after. The broker specialises in P&C, motor, civil liability, construction and marine…