Independent Lloyd’s broker AFL Insurance Brokers Ltd has launched AFL Sud America LLC as part of a joint venture with Special Division Reinsurance Brokers, one of the largest reinsurance brokers in South America.
The business was formed after AFL acquired a stake in Special Division’s Cooper Gay Argentina LLC business, which has since been rebranded to AFL Sud America.
AFL Sud America is headquartered in Buenos Aires, Argentina with an additional U.S office in Miami.
The operation will be led by Chief Executive Officer (CEO) Guillermo Pastore, who has more than 25 years’ experience in the regional market. He will also retain his current role as CEO of specialised reinsurance treaty broker Special Division.
AFL and Special Division said they aim to grow the business by establishing a network of independent brokers in the region, and launching further operations in Brazil and Columbia.
“International expansion is central to our business model, and South America clearly offers great opportunities for an expert independent intermediary to grow,” said AFL CEO Bob 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,” he continued. “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. I have no doubt that he will take a decisive lead in driving the successful growth of AFL Sud America going forwards.”
AFL Chairman Toby Esser also commented: “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.”
“I’ve worked with Guillermo for almost 20 years,” Esser added, “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.
“I am highly confident in Guillermo’s ability to lead the AFL Sud America operation, and am delighted to be working together with him again to build up a market-leading network in this dynamic, high growth region.”
Pastore further stated: “I am very excited about this extraordinary challenge – the AFL Sud America joint venture will allow us to deliver an independent and innovative alternative that is very much in demand.
“Of course, the opportunity to work with Toby again was a big factor – we have known each other for many years, and in former roles were part one of the most successful teams running one of the largest networks in Latin America. I am proud to be working alongside the AFL team and to be able to confidently guarantee that clients and reinsurers will obtain the best solutions for their businesses.”
