Howden Group has announced the acquisition of Innova Re, an independent reinsurance broker based in Lima, Peru.
Innova Re was founded in 2017 by Juan Diego Cadarso, who continues to lead the firm. The company is the largest independent reinsurance broker in Peru by growth and is the fourth-largest overall, focusing on commercial lines including property, aviation, and civil liability.
Cadarso will become CEO of Howden Re Peru and will work alongside Giulio Valz-Gen, CEO of Howden Peru Retail.
The move establishes a reinsurance platform for Howden in the country and expands the firm’s Latin American footprint. The transaction also builds on Howden Peru’s existing retail operations, where the firm currently ranks as the second-largest insurance broker with a workforce of 215.
The acquisition follows Howden’s 2023 deal for Contacto Corredores de Seguros S.A., another Peru-based broker specializing in property-casualty and employee benefits for mining clients. That transaction positioned Howden as a significant player in the Peruvian market, servicing around 3,000 clients.
This latest deal forms part of Howden’s broader plan to strengthen its operations in Latin America. It follows the recent appointment of April McLaughlin as managing director of Howden Miami, which will provide both treaty and facultative reinsurance services along with other specialty insurance products.
Following the acquisition of Contacto and Innova Re, Howden’s Latin American workforce now exceeds 800 employees across key markets including Peru, Mexico, Colombia, Chile, and Brazil. These operations are supported by Howden’s regional hub in Miami. Globally, the company operates in 30 countries with a team of nearly 900 reinsurance professionals.
Sonia Caamaño (pictured above), CEO of international growth markets at Howden, said Innova Re and Howden have worked together for eight years and share aligned business cultures.
“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,” Caamaño said.
In 2024, Howden Tiger, the group’s reinsurance arm, was rebranded to Howden Re, aligning with a broader consolidation strategy to unify Howden’s broking operations under a single brand.
Howden itself reported a 23% increase in adjusted revenue for the financial year ending September 30, 2024, reaching £3.01 billion from £2.44 billion the previous year. The group also posted an adjusted consolidated EBITDA of £922.2 million, with a 31% EBITDA margin.
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