Global specialty broker Price Forbes has launched its new Peruvian subsidiary alongside an announcement of its key leadership team.
The venture, which will begin operations at the beginning of next month, will be led by Jose Antonio Osterling, chairman, and Luis Felipe Ganoza, commercial director. The firm said that the new venture is a further expansion of its Latin America presence, following investment in Santiago, Chile, and Miami, US.
Price Forbes Latin America is focused on delivering facultative and structured reinsurance solutions for domestic carriers. To achieve this, the London and Miami offices work closely with regional teams to develop and coordinate a holistic strategy for clients.
Osterling said in a statement: “Price Forbes is the one broker in the London market that clearly aims to develop a solid international network, so vital in our global world today. It has the tools and expertise to position our clients in the forefront. With these, we aim to become the leading most influential broker in Peru.”
Osterling brings over 30 years of experience in the industry. He has been chairman & CEO of Aon Peru, CEO and founder of JAO and Partners and, until December 2020, chairman and CEO of AJ Gallagher Peru following its 2013 acquisition of JAO Partners.
Luis Felipe Ganoza joins as commercial director. He is a reinsurance specialist with over 17 years’ industry experience including at Health Lambert Peru, JLT Peru, and as CEO of Carpenter Marsh Peru.
Opening in Peru grows Price Forbes’ Latin America presence and follows investment into its Santiago and Miami offices. Some 85 professionals now work across Price Forbes Latin America.
Price Forbes is part of holding company Ardonagh Specialty International’s portfolio of companies. That firm reported income growth of 32.5% over the course of 2021, underpinned by organic growth of 7.3% back in March. The company recorded income of £945.8m for the full-year period, representing an increase of £232m on the £713.8m generated in the previous year.
This included an eight-fold income growth in Ardonagh International from £22m in 2020 to £188m pro forma income in 2021. In December 2021, Ardonagh was valued at $7.5bn as part of a significant new equity investment led by existing long-term shareholders MDP and HPS Investment Partners.
Greg Ferguson, CEO of Ardonagh Specialty International, said: “Investing in empowered market leading leadership teams and aligning them to our strategy and the broader capabilities of Ardonagh Specialty is essential to our continued development and growth in Latin America. I’m very pleased to welcome Jose Antonio and Luis Felipe to drive a new market leading independent reinsurance proposition for Peru and to strengthen our Latin American executive team.”