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Howden Broking Group agrees to buy Colombian reinsurance broker

Howden Broking Group, the broking arm of Hyperion Insurance Group, has inked an agreement to purchase Colombia-based reinsurance broker NMB Colombia Corredores de Reaseguros for an undisclosed sum.

Howden Broking Group, the broking arm of Hyperion Insurance Group, has inked an agreement to purchase Colombia-based reinsurance broker NMB Colombia Corredores de Reaseguros for an undisclosed sum.

Established in 2007, NMB Colombia is a reinsurance broker located in Bogota, Columbia. The company focuses on business areas such as energy, marine, property, casualty and political risks.

Following the acquisition, the combined company will operate as Howden RE Colombia, which will be managed by Ricardo Diaz, a reinsurance expert with over 30 years’ industry experience.

Diaz has been appointed as managing director of reinsurance for Columbia, while Ian Webb, who led and developed the business as head of NMB Colombia, has been appointed as head of Howden Energy Colombia, a division of Howden Re Colombia.

Hyperion Insurance Group CEO, David Howden, said: "NMB Colombia has a long history of providing solutions to clients in the Colombian market, and its reinsurance expertise complements our existing Spanish and Latin American operations.

"Colombia remains a strategically important location for us, and enhancing our capabilities in the region is an important part of fulfilling our ambitions of developing a leading Iberoamerican broking operation."

The acquisition remains subject to regulatory approval and contract.