New presence formed after acquisition of Securitas Re
Gallagher International is to open a facultative reinsurance brokering operation, called Gallagher Brazil, based in Sao Paulo, the largest economic centre in Latin America.
The business will be formed by the acquisition of Securitas Re and its book of business from Estãter Gestáo de Investmentos Ltda (“Estãter”) and two private individuals. Estãter is the owner of Securitas TRR, which will remain one of Gallagher Brazil’s key retail partners.
Brazil’s strong economy together with regulatory changes, which mean that more reinsurance will be placed locally, “reinforces Gallagher’s commitment to expanding its presence in the region,” a company statement said.
David Ross, CEO of Gallagher International said: “We have the advantage that we are not starting from scratch in Brazil. Gallagher Brazil will focus on building upon Gallagher’s existing book of facultative reinsurance business, which has particular strengths in the petrochemical, energy and construction sectors and will focus on arranging facultative reinsurance for property/casualty, surety, construction, political risks/trade credit and D&O risks. It will work with a number of retail insurance brokers and cedants in Brazil and will be supported by Gallagher specialty teams based in London.”
The operation will be run locally by Fernando Prado reporting through Gallagher’s London operation.