Howden has expanded its reinsurance footprint in Latin America through the acquisition of Peruvian broker Innova Re.
The deal gives Howden Re, the reinsurance arm of the global broking group, an on-the-ground presence in Peru, aligning with its broader strategy of international growth.
It also reinforces Howden’s position in the country, where it already operates the second-largest retail insurance broker.
Founded in 2017 and based in Lima, Innova Re is the largest independent reinsurance broker in Peru and the fourth overall.
The firm specialises in commercial lines including property, aviation and civil liability, under the leadership of its founder and CEO Juan Diego Cadarso.
The move comes shortly after Howden named April McLaughlin as managing director of Howden Miami, where she will oversee treaty and facultative reinsurance across the region.
Sonia Caamaño, CEO of International Growth Markets at Howden, says the long-standing relationship with Innova Re laid the groundwork for the deal.
“Combining Innova Re’s advanced reinsurance capabilities with our leading position in Peru’s retail insurance market means we now have a full spectrum offering,” she adds.
Mario Baotic, head of international growth markets at Howden Re, describes the acquisition as a “winning combination” that strengthens the group’s client offering in Peru and across Latin America.
Meanwhile, Cadarso notes: “Becoming part of Howden today is the natural evolution of that partnership. It enables us to better serve our clients by accessing a global network, cutting-edge data and analytics, and world-class specialist expertise.”
