Lockton buys Amwins business to drive ‘aggressive growth’ in Brazil
Global re/insurance broker Lockton has acquired THB Brazil from Amwins, the largest independent wholesale distributor of specialty insurance products in the US. The move follows other recent investments by Lockton designed to expand its Brazilian operations.
Lockton expects the acquisition to facilitate profitable growth and scalability by expanding its capacity in Brazil and opening up new opportunities for sales and product development.
Eduardo Lucena, chief executive officer of THB Brazil, will assume new responsibilities as deputy chief executive officer of Lockton in Brazil upon completion of the deal. Other THB executives will also join the combined company's management team. Terms of the transaction were not disclosed.
"We're delighted to begin a new era for Lockton in Brazil," said José Otávio Sampaio, chief executive officer of Lockton in Brazil. "As separate entities, Lockton and THB have both performed exceptionally in recent years. Our combined strength will only make us better, enabling us to develop more meaningful and long-term relationships with our clients, insurers and reinsurers, provide development opportunities for our Associates, and achieve our goal of doubling in size over the next three years."
Lucena added: "The Brazilian insurance sector is expected to grow in 2023 and beyond and staying competitive requires us to continually adapt and innovate to meet our clients' needs. We're excited to join forces with Lockton and be a part of its independent, client- and people-focused culture."
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