British insurance coverage group Howden has agreed to accumulate Contacto Corredores De Seguros (Contacto), a Peru-based danger and insurance coverage dealer.
Below the deal, Howden subsidiary Howden Holdco Perú will purchase a 100% stake in Contacto from Peruvian valuable metals producer and mining firm Compañia de Minas Buenaventura (Buenaventura).
The deal consideration contains $33.7m (£27.13m) in money and extra variable prices with a $1.6m cap. That is topic to closing sure circumstances.
Howden stated the acquisition marks a major step in its technique to broaden its footprint in Latin America (LatAm).
Contacto’s essential enterprise traces embody P&C and worker advantages. It operates primarily within the valuable metals mining business.
Howden worldwide development markets CEO Sonia Caamaño stated: “Contacto is a market chief in Peru, and this acquisition represents a superb alternative to completely set up ourselves in one other Latin American financial system, to develop our enterprise.”
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nevertheless, we wish you to take advantage of
helpful
determination for what you are promoting, so we provide a free pattern that you could obtain by
submitting the beneath kind
By GlobalData
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.
“Now we have recognised that demand for specialist insurance coverage options is rising considerably in Latin America, and with the Contacto group 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 international community, information and analytics capabilities, and specialist experience, we’ll present the easiest service for our purchasers and proceed the expansion momentum we’ve got achieved as Contacto.”
