Insurance company Howden has acquired Innova Re, a reinsurance broker based in Lima, Peru, establishing a new reinsurance presence in the country.
This purchase is said to complement the company’s existing retail operations, where it employs 215 people.
Innova Re began operations in 2017 under the leadership of founder and CEO Juan Diego Cadarso.
It specialises in commercial lines including property, aviation and civil liability insurance.
Diego said: “Since Innova Re was founded in 2017, we chose Howden as our business partner – a relationship built on shared values and a client-first mindset. Becoming part of Howden today is the natural evolution of that partnership.
“It enables us to better serve our clients by accessing a global network, cutting-edge data and analytics, and world-class specialist expertise.”
The acquisition is part of Howden Peru’s growth plan, aiming to offer an integrated service to clients, insurers and employees throughout Latin America.
Howden CEO Of international growth markets Sonia Caamaño stated: “Innova Re have worked alongside Howden for eight years, and the 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 position in Peru’s retail insurance market means we now have a full spectrum offering and are firmly positioned to serve our insurance, treaty and facultative clients in the country.”
Caamaño added: “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.”
The deal follows the recent appointment of April McLaughlin as managing director of Howden Miami, with the intention to expand reinsurance services in the region.
Earlier in the year, Howden acquired Barnett Waddingham, a UK-based consultancy that provides a range of services including insurance, risk management, pensions and investments.
“Howden expands in Peru with Innova Re purchase ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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