Cooper Gay Swett & Crawford, the global wholesale insurance and reinsurance broker, has moved to a 100% shareholding in Cooper Gay Chile S.A. following the acquisition of the remaining 49.99% shareholding from Servicios Security SA, part of Security Financial Services Group.
The share acquisition is in line with CGSC’s continuing strategy of 100% ownership of its global operations. Terms of the agreement were not disclosed.
Cooper Gay Chile was formed in 2004 and is the 3rd ranked reinsurance broker in the Chilean market.
Led by Guillermo Pastore, CEO for the Cono Sur region (comprising Argentina, Chile, Paraguay and Uruguay) and General Manager, Luc Van Eyghen, Cooper Gay Chile specialises in the placement of facultative and treaty reinsurance for industry sectors including energy, mining, public utilities, large industrial and commercial operations. The 23 strong team also places catastrophe excess of loss programmes.
The acquisition follows on from the closing of CGSC’s investment agreement with Lightyear Capital LLC (“Lightyear”) in January 2013, under which the New York-based private equity firm along with institutional co-investors took a controlling interest in CGSC. providing CGSC with the ability to continue its growth by acquisition of high quality businesses and teams in the wholesale and reinsurance markets.
Steve Jackson, Regional CEO for Latin America said: “Acquiring the remaining shares in Cooper Gay Chile clearly shows CGSC’s continued commitment to growing its business in Latin America. We have significant development plans for this operation and intend to stay at the forefront of reinsurance broking in the region.
Toby Esser, CGSC Group CEO said: “Latin America has played a significant part in the development of Cooper Gay since its formation. We are therefore delighted to be able to secure 100% ownership of our Chilean business as we invest in the people and infrastructure required to take advantage of the considerable opportunities created by the growing reinsurance needs of its clients.”