Global insurance intermediary group Howden has announced the acquisition of Ureta & Fernández Corredores de Seguros Limitada (U&F), a prominent independent retail brokerage based in Santiago, Chile. The move deepens Howden’s footprint in the Chilean market and aligns with its broader Latin American growth strategy. Following the deal, U&F founder Felipe Ureta has been named CEO of Howden Chile.
The acquisition marks a key milestone in Howden’s long-term regional investment plan, which targets five strategic markets across Latin America: Mexico, Colombia, Brazil, Peru, and Chile. It follows the recent purchase of Innova Re in Peru, one of the largest independent reinsurance brokers in that market, reinforcing Howden’s ambition to build scale and expertise across the continent.
Founded in 2010 by Felipe Ureta, and later joined by Matias Fernandez, U&F has built a solid reputation for its work in property and casualty, motor, civil liability, construction, and marine hull insurance. The firm also boasts a strong portfolio in specialty insurance classes, including aviation, financial lines, and reinsurance. Its notable presence in southern Chile’s marine and fishing industries supports Howden’s emphasis on local expertise and sector-specific knowledge.
“U&F have worked alongside Howden’s Marine specialty team for a number of years, and the leaders of our existing business in Chile saw in them a natural fit and succession,” said Sonia Caamaño, CEO of International Growth Markets at Howden. “Both Howden Chile and U&F have strong ambitions, and it was only through combining forces that our vision of providing an integrated and powerful proposition, with strong distribution and expertise could be realised. By adding their talented team to our existing Chilean footprint, we solidify Howden’s presence in the country, enabling us to continue providing the scale and bespoke solutions that our clients require.”
The deal reflects a growing trend of consolidation among insurance intermediaries in the Latin American market, driven by increased client demand for complex risk solutions, greater geographic reach, and localised servicing.
Felipe Ureta commented: “We have enjoyed a successful partnership with Howden over the years, and joining the Howden family permanently is a significant next step in our journey, enabling us to leverage the full force of Howden’s global capabilities and expertise to better serve our clients.”
Francisco Iglesis and Pedro Iñiguez from Howden Chile added: “Through the acquisition of U&F we will be able to expand and strengthen our existing capabilities and service offering whilst maintaining our commitment to excellence in service. We are excited about the world of new opportunities this acquisition will generate, whilst moving forward with the same principles and commitments that have always characterized and differentiated us in the market.”
With this latest move, Howden continues to build on its international expansion model, which blends strategic acquisitions with a people-first culture and specialist-driven proposition. The integration of U&F is expected to boost Howden’s regional service capabilities, particularly in marine and industrial lines, and position the firm as a leading player in Chile’s evolving insurance landscape.
