Howden Broking Group has purchased a 25% shareholding in Chilean insurance broker, Patagonia Corredores de Seguros (PCS), for an undisclosed sum.
Based in Santiago, PCS provides an array of property, energy, liability, construction, affinity and accident and health insurance products and services, as reported by insurancetimes.co.uk.
The acquired entity will operate under Howden brand name, and current PCS managing director Pedro Iñiguez and general manager Francisco Iglesis will continue to manage the operation, as per the terms of the transaction.
Howden Broking Group chief executive Tim Coles was quoted by the news agency as saying that Chile has a growing insurance market and is one of South America’s high-growth nations.
"It is a key market for Howden, and Pedro and his team are ideal partners for us to join with to build our presence in the market," Coles added.
"It is our intention to become the leading pan-regional insurance broker and the first true Iberoamerican insurance broker, with our operations in Spain linking closely with those in Latin America to provide support to our international clients."
PCS said that the deal will combine strengths of both firms and offer its clients with access to increased service and expertise.