UK-based insurance broker Price Forbes has raised its shareholding in Price Forbes Chile to 100% in a bid to strengthen its presence in Latin America.

The financial value of the transaction was not disclosed.

The broker said that it has recorded considerable growth in Chile since 2017 when it opened its office with a minority shareholding and became part of the Ardonagh Group.

The latest deal makes Chile Price Forbes its first wholly-owned subsidiary in Latin America.

Chief executive Martin Soto Quintus and chief broking officer Miguel Pizarro will lead Chile Price Forbes. Both of them joined the firm recently from Aon Reinsurance Solutions.

Price Forbes International CEO Greg Ferguson said: “This investment should leave no doubt that we are serious about our commitment to Chile and the broader Latin America region under the leadership of Martin and Latin America CEO Oscar Rincon.

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“We will continue to scale up our presence through high calibre hires and by offering co-ordinated regional, global and specialist insurance solutions in long term partnership with our clients.”

Quintus said: “With the full strength of Price Forbes and the broader Ardonagh Group behind us, we look to future growth with excitement. Our scale and agility make us perfectly placed to meet local needs with technical excellence, unparalleled service and global connections.”

Price Forbes & Partners has operations in Bermuda, Brussels, Chile, Dubai, London, South Africa and Malaysia.