British insurance coverage group Howden has agreed to accumulate Contacto Corredores De Seguros (Contacto), a Peru-based threat and insurance coverage dealer.
Below the deal, Howden’s subsidiary Howden Holdco Perú will purchase a 100% stake in Contacto from Peruvian treasured metals producer and mining firm Compañia de Minas Buenaventura (Buenaventura).
The deal consideration consists of $33.7m in money and extra variable prices with $1.6m cap. That is topic to closing sure situations.
Howden stated the acquisition marks a big step in its technique to broaden its footprint in Latin America (LatAm).
Contacto’s predominant enterprise traces embrace property and casualty (P&C) and worker advantages. It operates primarily within the treasured metals mining trade.
Howden worldwide progress markets CEO Sonia Caamaño stated: “Contacto is a market chief in Peru, and this acquisition represents a wonderful alternative to totally set up ourselves in one other Latin American economic system, to develop our enterprise.”
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Upon completion of the deal, Howden will function an insurance coverage dealer for Buenaventura.
Howden LatAm CEO Pablo Bores stated: “The acquisition of Contacto comes at an thrilling time for Howden LatAm.
“We’ve recognised that demand for specialist insurance coverage options is rising considerably in Latin America, and with the Contacto crew on board, we would be the second largest insurance coverage dealer in Peru, offering a reputable different for purchasers within the nation.”
With the deal, Howden’s headcount will improve to greater than 800 folks in Peru, Mexico, Colombia, Chile and Brazil.
Contacto CEO Giulio Valz-Gen stated: “By leveraging Howden’s world community, knowledge and analytics capabilities, and specialist experience, we’ll present the easiest service for our purchasers and proceed the expansion momentum we have now achieved as Contacto.”
