Colombian insurance brokers Wacolda S.A. and Proseguros S.A. are soon set to fall under the mantle of Howden Broking Group, part of Hyperion Insurance Group.
Wacolda is a corporate insurance broker with capabilities including property, construction and life and has offices in Bogota, Medellin and Cali in Colombia, Quito in Ecuador and Lima in Peru. Proseguros is a public sector insurance broker focused on 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 Carlos Quinones Machler, who has experience of the Colombian market. They will be a major part of Howden’s Iberoamerican retail broking platform, which serves clients in Spain and Latin America.
During a 40-strong British trade delegation to Colombia and Mexico, David Howden, CEO of Hyperion Insurance Group, said: “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 percent of Wacolda and 100 percent of Proseguros, though both acquisitions still remain subject to regulatory approval.
