International loss adjuster Charles Taylor Adjusting has acquired five companies of The FGR Group, a Chilean loss adjusting and claims program management group, its London-based parent company Charles Taylor PLC announced Thursday.
A spokesman for Charles Taylor said in an email that $14.5 million “is the maximum consideration we would pay after a three year earn-out period. The initial cash consideration we are paying on acquisition is $4.7 million.”
In an announcement of the acquisition, Charles Taylor said Santiago, Chile-based FGR SA employs about 385 people in 17 locations in Chile and Peru. Charles Taylor said that the loss adjusting business has “particular strength in construction, engineering, liability and catastrophe losses.”
The announcement said that FGR has worked on recent major catastrophes, including the 2015 Chilean floods, 2016 Ecuador earthquake and 2017 Puerto Rico hurricanes, the latter in association with Charles Taylor Adjusting.
“The acquisition extends Charles Taylor’s existing office network, presence and client relationships across Latin America,” said Charles Taylor in its announcement.
Aon Securities, part of Aon Benfield Group Ltd., on Wednesday said it has structured a $1.36 billion parametric earthquake catastrophe bond for the World Bank.