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Kate Shepherd

Howden Insurance Brokers expands Latin American presence

February 12, 2014 - 11:55am


Howden Insurance Brokers Ltd., a unit of Hyperion Insurance Group Ltd., on Wednesday said it has acquired Colombian insurance brokers Wacolda S.A. and Proseguros S.A.

London-based Howden will acquire 70% of Wacolda and 100% of Proseguros, the broker said in a statement. The acquisitions remain subject to regulatory approval, Howden said.

Terms of the transactions were not disclosed.

Wacolda is a corporate insurance broker specializing in property, construction and life, with offices in Bogota, Medellin and Cali, Colombia; Quito, Ecuador; and Lima, Peru, according to the statement.

Bogota-based Proseguros focuses on the public sector with specialties in affinity programs, general liability and government and infrastructure projects, Howden said.

The combined businesses will be led by Colombian market expert Carlos Quinones Machler, the broker said in a statement.

“The growing Colombian economy offers a huge opportunity for companies who want to invest and be a part of its growth and the country is also an important springboard to much of Central America,” David Howden, CEO of Hyperion Insurance Group, said in the statement. “By bringing together the specific product and sector experience of Wacolda and Proseguros, aligning them with our other operations in Spain and Latin America and more widely with those in Europe and Asia, we will be able to offer our clients across the region a great depth and breadth of expertise supported by a strong international network.”

Howden's Iberoamerican broking platform now encompasses more than 250 employees in eight countries, Mr. Howden said.