Posted on 14 Jan 2011
In line with its continuing strategy of 100% ownership of its global operations, Cooper Gay Swett & Crawford Ltd, a leading independent global wholesale, reinsurance and specialist retail insurance broker, has agreed to move to a 100% shareholding in its Mexican reinsurance broker, Cooper Gay Martinez del Rio, by acquiring the shares held by senior local executives.
Established in December 1996 and based in Mexico City, Cooper Gay Martinez del Rio is one of Mexico's leading reinsurance intermediaries. It specialises in providing Latin American facultative and treaty reinsurance solutions to clients in Mexico and across Central America, Panama and the Dominican Republic.
The business has been part of Cooper Gay since 1997, during which time it has achieved an impressive record of consistent growth.
Cooper Gay Martinez del Rio's Managing Director Francisco Martinez and the Mexican management team have more than 130 years' combined industry experience. Mr Martinez will remain as Managing Director of the business and will continue to drive expansion in support of Cooper Gay's strategy for the region.
Toby Esser, Group Chief Executive said: "Francisco and his team have built an extremely successful business with an enviable market share. I am therefore delighted that CGSC has been able to increase its shareholding, which will further underpin our strong position in the region."
Steve Jackson, Managing Director Latin America added: "This further investment in Latin America demonstrates CGSC's continued commitment to developing its significant and longstanding presence in the regional reinsurance market."
Francisco Martinez, Managing Director of Cooper Gay Martinez del Rio, said: "Being part of the world's largest independent global wholesale and reinsurance broker considerably strengthens our client proposition. We will continue developing our established platform, to capitalize on the exciting market opportunities created by the growing reinsurance needs of the Central American insurance sector."