South America continues to be a challenging market for insurers, with high inflation affecting several countries there, plus border disputes which often go back decades. One of those is the argument between Bolivia, Chile and Peru over the border in the high Andes, where valuable water, minerals and lithium can be found. Add in a recent wave of migration from bankrupt countries like Venezuela, Haiti and Argentina and you have a volatile mix of politics, people trafficking and growing discontent with the status quo party systems.
It is a bold decision to enter the reinsurance market in Peru, but UIB has taken the plunge, here’s the word;
International (re)insurance broker UIB has announced an agreement to create two new companies in Peru, expanding the UIB Group footprint in South America.
South Re, created by Jose Espinosa and Clara Escobar, and JEF Corredores de Seguros, headed by Ignacio Espinosa, will become UIB Corredores de Reaseguros and UIB Corredores de Seguros respectively, as part of the group’s international expansion strategy.
Tim Church, CEO of UIB International Limited said: “We are delighted to welcome our friends Jose, Clara, Ignacio and their teams into the group. We have worked with them for many years, and we are impressed with their achievements. We look forward to working together to enhance their services to the Peruvian market. The combination of local skills and knowledge together with the international reach of the UIB Group will offer a powerful capability to a wide range of clients.”
UIB is an independent group and within the South American market offers (Re)Insurance to a vast portfolio of industries, including, Aviation and Aerospace, Energy and Construction, Marine, Specialty Insurance, and Treaty Reinsurance. UIB is ranked as one of the top 10 global
reinsurance brokers.
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