Charles Taylor Adjusting has announced the acquisition of Chile-based loss adjusting and claims program management group FGR, a move that extends its presence across Latin America.
FGR provides specialist technical loss adjusting and claims program management services, employing around 385 people in 17 locations in Chile and Peru.
The loss adjusting business of FGR operates in the Property & Casualty market, with particular strength in construction, engineering, liability and catastrophe losses.
Its claims management business provides insurance claim settlement services to insurance companies in the Chilean market, handling over three million claims in 2017.
“This acquisition greatly strengthens our loss adjusting presence and capabilities in Latin America,” said Damian Ely, Chief Executive Officer, Charles Taylor Adjusting. “Charles Taylor Adjusting is now one of the leading international loss adjusters in the region.”
“We have the resources, expertise and technical skills to support local and international insurers and reinsurers with larger and more complex claims and CAT losses.”
FGR is located on the Pacific Ring of Fire, giving it greater exposure to catastrophe events in the region, and has worked on recent major events including the 2015 Chilean floods, 2016 Ecuador earthquake and 2017 Puerto Rico hurricanes.
“Becoming part of the Charles Taylor family presents a huge opportunity for FGR. It will give us far greater access to clients in the London and international markets,” said Ignacio Barriga, Chief Executive Officer, FGR.
“We will benefit from the financial strength, reputation and resources of the Charles Taylor Group and from opportunities for cross-referral and joint working with the wider Group.”
FGR will be integrated with Charles Taylor Adjusting’s other existing Latin American adjusting businesses, which are led by Felipe Ramirez, Managing Director and Regional Head, Latin America.
“This acquisition demonstrates our commitment to growing our capabilities in Latin America following our recent acquisition of Argentinian-based insurance technology provider, Inworx,”
Added David Marock, Group CEO, Charles Taylor.
“It marks an important step forward in delivering our strategy to achieve market leading positions for each of our businesses and expand into growing economies and markets.”