Insurance company Howden has acquired Ureta & Fernandez Corredores de Seguros Limitada (U&F), a retail insurance broker headquartered in Santiago, Chile.  

The financial terms of the deal have not been disclosed. 

Set up in 2010, U&F was established by Felipe Ureta and Matias Fernandez joined later.  

It offers services in various insurance sectors including property and casualty (P&C), motor, civil liability, construction and marine hull, with additional expertise in aviation, financial lines and reinsurance. 

Ureta has been appointed as CEO of Howden Chile following the acquisition. 

Ureta said: “We have enjoyed a successful partnership with Howden over the years, and joining the Howden family permanently is a significant next step in our journey, enabling us to leverage the full force of Howden’s global capabilities and expertise to better serve our clients.” 

The acquisition is part of Howden’s strategy to enhance its presence in Latin America, focusing on key markets such as Mexico, Colombia, Brazil, Peru and Chile.  

Howden international growth markets CEO Sonia Caamaño stated: “U&F have worked alongside Howden’s Marine specialty team for a number of years, and the leaders of our existing business in Chile saw in them a natural fit and succession. 

“Both Howden Chile and U&F have strong ambitions, and it was only through combining forces that our vision of providing an integrated and powerful proposition, with strong distribution and expertise could be realised.   

“By adding their talented team to our existing Chilean footprint, we solidify Howden’s presence in the country, enabling us to continue providing the scale and bespoke solutions that our clients require.”  

This move follows Howden’s recent acquisition of Innova Re, a reinsurance broker in Lima, Peru. 

This purchase is said to complement the company’s existing retail operations, where it employs 215 people.  

Innova Re began operations in 2017 under the leadership of founder and CEO Juan Diego Cadarso.