International (re)insurance broker UIB has launched a retail broking business in Colombia. The new company, UIB Seguros will be headed by CEO, Yolanda Guerra, reporting directly to Tony Dilley, CEO of parent company, UIB International.
Dilley commented: “Colombia is a stable country with a strong economy which has weathered the recent world recession extremely well and our business there continues to grow profitably. Colombia’s economy has outperformed other commodity based economies in the region.
“Broker licences in Colombia are singular; they are for either reinsurance or retail. While UIB Colombia, our existing reinsurance broking operation, has been established for twenty years our new retail venture UIB Seguros, will seek to handle the larger, public sector tendered business which is additionally anticipated to generate reinsurance placements opportunities”.
With over 24 years insurance industry experience with major firms including Allianz, AON, Seguros la Previsora and Helm (now Itau), Yolanda has also served as a Board member of ACOAS (Asociación Colombiana de Corredores de Seguros), Fasecolda (Federación de Aseguradores Colombianas), Colseguros and Segurexpo.
She added: “I am honoured to be given this opportunity to grow the successful UIB franchise here in Colombia and I am already recruiting new staff for UIB Seguros to service existing key clients and prospects”.
Insurance Edge Comment;
Lloyds entered the Colombian market in 2016, opening an office in Bogota. Other big names investing in Colombia include Bupa Global, who have a partnership deal with Seguros Bolivar – the biggest name in the insurance sector.
Zurich bough QBE Insurance’s Latin American operartions for $409m in Feb 2018, giving it a ready-made base in key markets like Brazil, Argentina, Mexico and Colombia.
German based Talanx bought Generali’s Colombian division last year, for a reported 30m euros.
The investment is set to continue as many mult-national companies see a certain level of economic and social stability emerge in Colombia, with a burgeoning middle class keen to acquire health cover, motor and home insurance.