Howden Expands Latin American Presence through Acquisition
Howden, a London-based insurance intermediary group, has acquired Ureta & Fernandez Corredores de Seguros Limitada (U&F), an independent retail insurance broker based in Santiago, Chile. Following the acquisition, Felipe Ureta will serve as CEO of Howden Chile. The financial terms of the deal were not disclosed.
This acquisition is part of Howden’s strategy to strengthen its presence in five key Latin American countries: Mexico, Colombia, Brazil, Peru, and Chile. U&F, founded by Felipe Ureta in 2010, specializes in various insurance lines including property/casualty, motor, civil liability, and marine hull insurance. The company also has expertise in specialty lines such as aviation and financial lines.
“By combining our forces, we can provide a more comprehensive and powerful proposition with strong distribution and expertise,” said Sonia Caamaño, CEO of International Growth Markets at Howden. “This acquisition solidifies Howden’s presence in Chile, enabling us to continue providing the scale and tailored solutions our clients need.”
Ureta noted, “Joining the Howden family is a significant step in our journey, allowing us to leverage Howden’s global capabilities and expertise to better serve our clients.”
United Risk Expands Global Reach with Pinnacle Underwriting Acquisition
United Risk, a New York-headquartered property/casualty underwriting platform, has completed its acquisition of Pinnacle Underwriting Pty Ltd., along with its affiliate Pinnacle Holdings Group Pty Ltd. Pinnacle Underwriting is a specialty facultative reinsurance MGA based in Sydney, Australia, with operations in Melbourne, Singapore, and Dubai.
Pinnacle manages a substantial reinsurance business, with 70% originating from the Asia-Pacific region. The company specializes in facultative reinsurance for property, power generation, and onshore oil & gas.
“The acquisition of Pinnacle positions United Risk among the top five largest MGAs globally,” commented Hayden Smith, United Risk’s regional CEO for Asia and Australia. “This move diversifies our portfolio and enhances our global reach.”
Jon Gilliott, founder and CEO of Pinnacle Underwriting, stated, “We share values and underwriting sophistication with United Risk. This partnership will help us advance to the next level.”
Insurance Advisory Partners and Ashurst LLP served as financial and legal advisors to Pinnacle Underwriting, while Clyde & Co advised United Risk.
