International insurance broker Howden is set to acquire a majority stake in ADRISA, a Mexico-based retail insurance broker.
The deal will see the two companies merge, with Jose Luis Ordás becoming Executive Chairman and Luis Suarez de Lezo Chief Executive Officer of the combined group.
The combination will create the largest independent and employee-owned platform in the market, with over 350 employees.
“I’m delighted to welcome such high quality expertise and talent into the business,” said Ordás.
“ADRISA is clearly the perfect partner to help build our capability in Mexico and allow us to deliver even more for our clients.
“However, in our business, cultural alignment is just as important as growth, so it’s with real pride that we bring on board a new partner who has also proven their values during Covid-19, participating in a number of activities to support those hardest hit by the pandemic.
“I have no doubt that with our combined experience, expertise and culture, we can provide the best solutions to our clients.”
Luis Suarez de Lezo, CEO of ADRISA, added, “strengthen the relationships with our clients, to whom we continue to offer our close, personal service. It will also provide compelling opportunities for growth and development for all our employees.”
Pablo Bores, co-CEO of Howden LATAM, alongside Sonia Caamaño, commented, “Last year, as a combined broking group, we promised to become the credible alternative broker internationally, offering both clients and talent the choice they’ve been looking for.
“This deal, which comes just weeks after our agreement to acquire A-Plan Group in the UK, continues to build our position in the global insurance market.
“Mexico is an industrialised nation with great potential for development across all sectors in which we are specialists: infrastructure, renewable energies, motor, telecoms, surety and transport, amongst others. We’re glad to join with a robust and powerful partner in ADRISA and continue to develop our platform locally.”