Aspen acquires Puerto Rican MGA in marine expansion

Aspen Insurance, the insurance segment of Aspen Insurance Holdings, has acquired Blue Waters Insurers, a specialist marine managing general agency (MGA), based in San Juan, Puerto Rico.

As part of the acquisition, Blue Waters will form part of Aspen’s global marine operation and will support the continued expansion of Aspen's marine business by opening access to the Puerto Rican and Caribbean markets.

Eugenio Rosas, the president of Blue Waters, will continue his role and will report to Patrick Hickey, executive vice president and head of US marine for Aspen Insurance.

David Cohen, president and chief underwriting officer, Aspen Insurance, said: “Blue Waters has an excellent reputation and is a recognised industry leader in the Puerto Rico Marine market, reflecting the intellectual capital, technical and deep marine risk engineering expertise within the company.

“It is a successful business with strong prospects and is an excellent fit with our marine business in the US as it adds local, technical expertise to support Aspen Insurance's expansion by delivering localised service to a new geography."

Rosas added: “Blue Waters is committed to building long-term relationships with our marine customers and insurance agents in Puerto Rico and the Caribbean.

“That commitment will continue as part of Aspen Insurance and we look forward to developing the business further and leveraging the expertise and experience of Aspen Insurance. This is the start of an exciting future for Blue Waters as part of a global company.”