DUAL targets LatAm with Mexican acquisition and Brazil office launch
DUAL Group, the international underwriting arm of Howden Group, has unveiled its expansion into Latin America via an acquisition in Mexico and the launch of a new office in Brazil.
In Mexico, DUAL has acquired Dock Re, a Mexican MGA, with a focus on property, casualty and financial lines, and a Lloyd’s coverholder. Dock Re is headquartered in Mexico City and led by managing director, Gabriel Buzo.
In Brazil, DUAL has opened an office in São Paulo led by Francisco Vogt Marques. Vogt Marques has over 20 years’ experience within the Brazilian insurance industry across energy, P&C and reinsurance.
Mexico represents the largest reinsurance market in Latin America, while Brazil is the region’s largest economy and the largest insurance market. The move means the group now has a significant presence in 18 countries across the Americas, Europe and Asia Pacific – the broadest geographic and specialist product distribution platform of any MGA.
Richard Clapham, CEO, DUAL Group, said: “I am absolutely delighted to have such a strong team on the ground in Latin America, which is a key insurance market with great potential. The combination of our global platform with the underwriting expertise of Gabriel, Francisco and their teams, means we are laying the foundations for a really compelling proposition to brokers and carriers across the region.
“ DUAL’s strategy has always been to deliver the best local underwriting expertise, supported by the strength and scale of our global business. The underwriting expertise and entrepreneurial energy that both teams bring are a great fit for DUAL. The addition of outstanding local talent and greater product diversification will significantly enhance DUAL’s existing Latin American business written in London.”
Clapham added: “The acquisition of Align, which we announced in August, was a transformational step for DUAL, creating a $2bn GWP MGA and doubling our scale in the US. It’s fantastic to be announcing another important landmark, as we establish our business in Latin America.”
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