Charles Taylor acquires Chilean firm for LatAm expansion
International loss adjuster, Charles Taylor Adjusting (CTA) has acquired FGR group, a loss adjusting and claims programme management group, headquartered in Chile.
The acquisition extends Charles Taylor’s existing office network, presence and client relationships across Latin America, and positions Charles Taylor as one of the leading international claims programme management and loss adjusting firm in Latin America, according to a corporate statement.
"This acquisition demonstrates our commitment to growing our capabilities in Latin America following our recent acquisition of Argentinian-based insurance technology provider, Inworx,” said David Marock, Charles Taylor CEO. “It marks an important step forward in delivering our strategy to achieve market leading positions for each of our businesses and expand into growing economies and markets.”
FGR employs around 385 people in 17 locations in Chile and Peru and has a growing presence across Latin America. It provides specialist technical loss adjusting and claims programme management services.
The loss adjusting business operates in the property & casualty market, with particular strength in construction, engineering, liability and catastrophe losses. The claims management business provides insurance claim settlement services to insurance companies in the Chilean market. The business handled around 3.1 million claims during 2017.
FGR is located on the ‘Pacific Ring of Fire’, which gives it greater exposure to CAT events in the region. FGR has worked on recent major CAT events, including the 2015 Chilean floods, 2016 Ecuador earthquake and 2017 Puerto Rico hurricanes, the latter in association with Charles Taylor Adjusting.
FGR will be integrated with Charles Taylor Adjusting’s other existing Latin American adjusting businesses, which are led by Felipe Ramirez, managing director and regional head, Latin America.
Damian Ely, chief executive officer, Charles Taylor Adjusting, said: “This acquisition greatly strengthens our loss adjusting presence and capabilities in Latin America. Charles Taylor Adjusting is now one of the leading international loss adjusters in the region. We have the resources, expertise and technical skills to support local and international insurers and reinsurers with larger and more complex claims and CAT losses.
“The deal progresses our strategy of strengthening our loss adjusting and claims management capabilities in selected markets.”
Ignacio Barriga, CEO of FGR said: “Becoming part of the Charles Taylor family presents a huge opportunity for FGR. It will give us far greater access to clients in the London and international markets. We will benefit from the financial strength, reputation and resources of the Charles Taylor Group and from opportunities for cross-referral and joint working with the wider Group.”
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