AFL Sud America LLC is born.
Announcing the overseas expansion, AFL Insurance Brokers Ltd said its Argentina-based unit came to life after the independent Lloyd’s broker acquired an equity stake in the former Cooper Gay Argentina LLC business. The latter was owned by Special Division Reinsurance Brokers, one of South America’s biggest reinsurance broking firms.
The Buenos Aires enterprise, which has an additional office in Miami in the US, has been renamed as AFL Sud America effective immediately. Led by chief executive Guillermo Pastore, AFL Sud America will be looking at launching operations in Brazil and Colombia.
“I’ve worked with Guillermo for almost 20 years, and his very successful career – most recently spent building up the largest independent reinsurance broker in Argentina – is testament to his hard work and expertise,” said AFL chair Toby Esser, who is “highly confident” in Pastore’s leadership ability.
“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.”
Pastore, for his part, is “very excited about this extraordinary challenge” and believes the joint venture will allow the delivery of an in-demand innovative alternative.
Meanwhile AFL chief executive Bob Finch has shed light on what lies ahead.
“International expansion is central to our business model, and South America clearly offers great opportunities for an expert independent intermediary to grow,” noted Finch. “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.
“Our focus will be on developing innovative solutions for our clients, and building alternative independent regional distribution channels. We are looking forward to putting our specialist knowledge and experience to work, and I am very pleased to be welcoming a professional of Guillermo’s calibre and experience to the team.”
Special Division specialises in treaty, retrocession, agriculture, surety, binders, and complex risks.
