Howden expands reinsurance footprint with acquisition of Peruvian broker Innova Re

Howden, the global insurance and reinsurance broking group, has strengthened its position in the Peruvian market with the acquisition of Innova Re, a Lima headquartered independent reinsurance broker.

The acquisition provides Howden Re, the group’s reinsurance arm, with a new presence in Peru, and aligns with its strategic vision of international expansion.

The move also bolsters Howden Peru’s existing retail operations in the country, where it is the second-largest insurance broker.

Established in 2017 and led by Juan Diego Cadarso, Founder and Chief Executive Officer (CEO), Innova Re is the largest and fastest-growing independent reinsurance broker in the country. It is also the fourth largest in the country overall, specialising in commercial lines, including property, aviation and civil liability.

Cadarso stated, “Since Innova Re was founded in 2017, we chose Howden as our business partner — a relationship built on shared values and a client-first mindset.

“Becoming part of Howden today is the natural evolution of that partnership. It enables us to better serve our clients by accessing a global network, cutting-edge data and analytics, and world-class specialist expertise. Together, we’re stronger and better positioned to continue the growth momentum we’ve built as Innova Re.”

This acquisition follows the recent announcement of April McLaughlin’s appointment as Managing Director, Howden Miami, which the broker explains will offer treaty and facultative reinsurance alongside its existing specialty insurance solutions regionally.

Sonia Caamaño, CEO, International Growth Markets, Howden, commented, “Innova Re have worked alongside Howden for eight years, and the team is very well known to us, and we know that our cultures are perfectly aligned.

“Combining Innova Re’s advanced reinsurance capabilities with our leading position in Peru’s retail insurance market means we now have a full spectrum offering and are firmly positioned to serve our insurance, treaty, and facultative clients in the country. I am looking forward to having Juan Diego join us as CEO of Howden Re Peru alongside Giulio Valz-Gen (CEO of Howden Peru Retail) to create a formidable new Howden team.”

Mario Baotic, Head of International Growth Markets, Howden Re, added, “We are pleased with the further expansion of Howden Re international network. The elevated expertise and insight that we can deliver to our reinsurance clients in Peru and LatAm is a key component of our growth strategy in the region. Adding Innova Re’s capabilities, ethos, and outstanding position in the Peruvian market to Howden makes this a winning combination for clients in Peru. I look forward to welcoming the whole team to Howden.”

Recently, Howden acquired Granular Investments Limited and Granular Investments EU SAS, reinforcing its position in the European credit risk transfer market.

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