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- Chilean deal for marine specialist Bareyre complements reinsurance operation
Arthur J. Gallagher deepens Latin American presence with controlling stake in specialist Chilean marine broker
Arthur J. Gallagher – the international broking division of Arthur J. Gallagher & Co. outside of the United States – has deepened its investment in Latin America by purchasing a majority shareholding in independent Chilean retail broker Bareyre Corredores de Seguros S.A. (Bareyre). Terms of the transaction were not disclosed.
Established in 1979 and based in Vina del Mar, near the port city of Valparaiso, Bareyre is a property and casualty broker specialising in the marine and shipping industries, and is led by Cesar Bareyre who brings 30 years’ experience and expertise to Gallagher. With a diversified book and client base, Bareyre places business across a range of other classes including motor, property, liability and personal accident in addition to its historic strength and specialism in marine.
Vyvienne Wade, International Commercial Director at Arthur J. Gallagher, said: “Today sees us begin to turn our strategic vision for Latin America into an exciting reality: building out our reinsurance offerings with a strong retail presence; creating businesses rooted in reputational strength, specialist capabilities and local on-the-ground expertise.
“Bareyre is a great retail business with great leadership — one that has always put client relationships right at the heart of its operation; a commitment it sees rewarded through fantastic retention rates. As our first Chilean partner in retail broking, it also offers an excellent commercial and cultural fit with our existing reinsurance operation, which has grown so successfully under Lionel Soffia since its establishment in June 2013.
“Combining Gallagher’s global reach with the team’s deep regional experience and relationships will create a solid platform upon which to build our Chilean business through targeted specialist acquisitions and the hire of top talent. We can’t wait to start exploring and pursuing that potential with Cesar.”
Cesar Bareyre commented: “It’s refreshing to find a large international broker with an entrepreneurial mindset, and one that places the same emphasis on technical knowledge, sector expertise and strength of local client relationships. Being part of the Gallagher group, backed by such a powerful international brand, will enable us to compete strongly for even the largest of accounts and we’re excited at the prospect of all we can achieve together.”