23 April 2014 Insurance

Echo Re targets expansion into Latin America

Zurich-based Echo Reinsurance, which is owned by German mutual insurance group DEVK, has said it plans to expand into Latin America in order to further enhance and diversify its portfolio.

It has also entered into exclusive cooperation with Emerging Global Risk Management (EGRM) based in Miami/Florida. EGRM is owned and managed by former PartnerRe executive Alvaro Madroñero.

Echo Re’s chief executive officer Peter Hugger said he is pleased with the arrangement, which will see EGRM advising Echo Re on the company’s entry into the Latin American market.

“We are very confident and elated to start working with EGRM and Alvaro Madroñero. His know-how of the Latin American markets and his relationships are extremely valuable,” said Hugger.

Madroñero said: “Our Echo Re & EGRM partnership embraces traditional integrity driven core values of our industry that will no doubt allow us to bring both capital backing and advisory counsel to the Latin American Regional market. It is indeed a valued privilege to undertake the building of a Latin American portfolio from the ground up. Our key driver in this endeavour is our wholehearted commitment to establishing strong and enduring ties with our clients.”

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