29 June 2017 Insurance

QBE Chile rebrands to Unnio after management buyout

Specialist Latin American insurer Unnio Seguros Generales has completed its purchase of QBE's Latin American subsidiary, QBE Chile Seguros Generales.

Following the completion of the deal in May 2017, QBE Chile rebranded to Unnio and will continue to focus on high quality commercial insurance – including property, casualty, engineering and other specialty lines.

QBE Chile reported a direct GWP of $30.7 million for the year ending 31 December 2016.

The management buyout was led by CEO Diego Panizza, with capital provided by a Capsicum Re affiliate. According to the statement, the team was advised by independent lead financial advisor Gustavo Zang, Capsicum Re Latin America and its parent company Capsicum Reinsurance Brokers in London.

"On behalf of the management team we are delighted to have successfully completed this MBO," said Panizza. "I’d like to thank our advisors and partners, who were integral to the success of the transaction, particularly the Capsicum Re Latin America team, as the deal could not have completed without their unique ability to organise traditional reinsurance structures and non-traditional capital structures.

"There is a lot of support for Unnio and we are seeing rising demand for insurance products in the region. The MBO marks the beginning of a new journey for us and we have an exciting journey ahead."

Rupert Swallow, CEO of Capsicum Reinsurance Brokers, said: "This is a groundbreaking deal for us and we are pleased to have played such a central role in supporting Diego and his team. Our ability to combine traditional reinsurance structuring with the connectivity to raise substantial capital underpinned the management team’s objectives. This is a landmark transaction for our rapidly growing Latin American operation led by Joe Smith and we look forward to supporting Unnio as the business develops."

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