Howden expands in Mexico with acquisition of large retail broker
Independent insurance broker Howden, part of Hyperion Insurance Group, has bolstered its position in the Mexican insurance market with the acquisition of a majority stake in Adrisa.
Adrisa is a retail insurance brokerage owned by a large industrial conglomerate Grupo DESC. Its core business includes employee benefits and property, operating across regional offices in Querétaro, Tijuana, San Luis, Playa del Carmen and Los Cabos.
Howden claims the deal will create the largest independent and employee-owned platform in the Mexican market, offering combined expertise across a range of product lines including property, motor, casualty, surety and employee benefits.
Following the deal, the two companies, Grupo Ordás Howden and Adrisa, will merge their operations, with Jose Luis Ordás becoming the executive chairman and Luis Suarez de Lezo taking the lead as CEO of the combined group.
Luis Ordás, CEO of Grupo Ordás Howden said: “I’m delighted to welcome such high quality expertise and talent into the business. Adrisa is clearly the perfect partner to help build our capability in Mexico and allow us to deliver even more for our clients. However, in our business, cultural alignment is just as important as growth, so it’s with real pride that we bring on board a new partner who has also proven their values during COVID-19, participating in a number of activities to support those hardest hit by the pandemic. I have no doubt that with our combined experience, expertise and culture, we can provide the best solutions to our clients.”
Pablo Bores, co-CEO of Howden LatAm, added: “Last year, as a combined broking group, we promised to become the credible alternative broker internationally, offering both clients and talent the choice they’ve been looking for. This deal, which comes just weeks after our agreement to acquire A-Plan Group in the UK, continues to build our position in the global insurance market.
"Mexico is an industrialised nation with great potential for development across all sectors in which we are specialists: infrastructure, renewable energies, motor, telecoms, surety and transport, amongst others. We’re glad to join with a robust and powerful partner in Adrisa and continue to develop our platform locally.”
Suarez de Lezo, chief executive of Adrisa, said: The deal will “strengthen the relationships with our clients, to whom we continue to offer our close, personal service. It will also provide compelling opportunities for growth and development for all our employees.”
