Howden, a well-known insurance intermediary based in London, has made a significant move by acquiring Ureta & Fernandez Corredores de Seguros Limitada, commonly known as U&F. This independent retail insurance broker is located in Santiago, Chile. The announcement was made recently, but the financial details of the deal have not been disclosed.
With this acquisition, Felipe Ureta, the founder of U&F, will step into the role of CEO for Howden Chile. This change is part of Howden’s strategy to strengthen its presence in Latin America, focusing on five key countries: Mexico, Colombia, Brazil, Peru, and Chile. The goal is to enhance services for clients in these regions.
U&F was established in 2010 by Felipe Ureta and Matias Fernandez. The firm specializes in various types of insurance, including property, motor, civil liability, construction, and marine hull insurance. They also have expertise in specialty lines such as aviation and reinsurance. Notably, U&F has a strong presence in the marine market of southern Chile, particularly serving the fishing industry. This aligns with Howden’s commitment to investing in local expertise.
This acquisition follows Howden’s recent purchase of Innova Re, a leading independent reinsurance broker in Peru. These moves highlight Howden’s dedication to growth in Latin America.
Sonia Caamaño, CEO of International Growth Markets at Howden, expressed her confidence in the acquisition, stating that U&F has been a natural fit for Howden’s existing operations in Chile. She emphasized the shared ambitions of both companies and the benefits of combining their strengths to provide better solutions for clients.
Felipe Ureta echoed this sentiment, sharing his excitement about joining Howden. He believes that being part of a larger organization will allow U&F to leverage Howden’s global resources and expertise, ultimately enhancing service for their clients.
This acquisition marks a notable step in Howden’s expansion strategy in Latin America, as they continue to build a robust network in the region.