Howden Broking Group announces further Latin American expansion with two acquisitions in Colombia

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12 February 2014

Howden Broking Group, part of Hyperion Insurance Group, has announced the acquisition of two Colombian insurance brokers, Wacolda S.A. and Proseguros S.A.

Wacolda has offices in Bogota, Medellin, and Cali in Colombia, Quito in Ecuador and Lima in Peru and is a leading corporate insurance broker with capabilities including Property, Construction and Life. Proseguros is one of the leading insurance brokers to the public sector, with specific expertise in affinity programmes, general liability, and government and infrastructure projects.

The combined businesses will be one of the largest Howden operations outside the UK and will be led by the highly experienced Colombian market expert Carlos Quinones Machler. They will be a major part of Howden’s Iberoamerican retail broking platform, which serves clients in Spain and Latin America.

David Howden, CEO of Hyperion Insurance Group, visited Colombia and Mexico last week as part of a 40-strong British trade delegation. He commented “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. 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.”

“Our Iberoamerican broking platform now comprises more than 250 employees in 8 countries, and the intention for Howden to become the leading Iberoamerican broker is well on the way to becoming a reality.”

Howden Broking Group has agreed to acquire 70% of Wacolda S.A. and 100% of Proseguros S.A. Both acquisitions remain subject to regulatory approval.