Lloyd’s broker AFL creates LatAm operation through joint venture
Lloyd’s broker AFL Insurance Brokers has established a new South American operation, as part of a joint venture with Special Division Reinsurance Brokers.
Special Division is an exclusive broker for Latin America, specialising in treaty, retrocession, agriculture, surety, binders and complex risks.
The new business AFL Sud America will be headquartered in Buenos Aires, Argentina, with an additional office in Miami. It was formed after AFL acquired an equity stake in the former Cooper Gay Argentina business, which was owned by Special Division.
AFL said the next steps in the strategy for AFL Sud America is to launch operations in Brazil and Colombia. AFL and Special Division also aim to establish and grow a network of independent brokers in the region.
AFL Sud America will be led by CEO Guillermo Pastore, who will also continue his current role as CEO of specialised reinsurance treaty broker Special Division.
“International expansion is central to our business model, and South America clearly offers great opportunities for an expert independent intermediary to grow," said AFL CEO Bob Finch.
"Our strategy is to build up AFL Sud America’s regional reinsurance offering, initially targeting expansion in Brazil and Colombia – which show excellent potential as growth markets – as well as harnessing our new presence in Miami. Our focus will be on developing innovative solutions for our clients, and building alternative independent regional distribution channels.”
AFL chairman Toby Esser, said: "Establishing AFL Sud America with Special Division is clearly in line with our strategy to grow AFL into a leading international centre of excellence for wholesale business, retail broking and reinsurance. South America has a thriving broker-driven reinsurance market, where expert independent advisors like AFL and Special Division can bring real value when it comes to capacity, new products and innovation."
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