AFL Insurance Brokers and Special Division Reinsurance Brokers have launched a South American joint venture (JV), called AFL Sud America in Argentina.
While AFL is an independent Lloyd’s broker, Special Division is a reinsurance broker in South America. AFL works with retail brokers, wholesalers, managing general agents and insurers across the world to align client requirement with the relevant products and capacity.
Special Division, which is focused on Latin America, specializes in treaty, retrocession, agriculture, surety, binders and complex risks.
AFL CEO Bob Finch said: “International expansion is central to our business model, and South America clearly offers great opportunities for an expert independent intermediary to grow.
“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.”
AFL Sud America, which is headquartered in Buenos Aires, was created following AFL Insurance’s acquisition of a stake in the former Cooper Gay Argentina business that was owned by Special Division.
The new South American JV will also have an office in Miami, US. AFL Insurance revealed that the next plans for AFL Sud America are to commence operations in Brazil and Colombia. AFL and Special Division are also looking to set up and expand a network of independent brokers in the region.
AFL Sud America will be headed by CEO Guillermo Pastore, who is said to have over 25 years of experience in the regional market. Pastore will also keep his current role as CEO of specialized reinsurance treaty broker Special Division.
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.”