QUITO, Ecuador, Aug. 30, 2012 /PRNewswire/ -- Privately-owned global insurance broker Lockton announces that it plans to strengthen its position in Latin America by entering into a joint venture with facultative reinsurance broker, Security Re, in Ecuador. The new venture will be titled Lockton Security Intermediarios De Reaseguros S.A. "Lockton Security" and is scheduled to commence operation in the coming weeks, subject to regulatory approval.
Lockton has taken a minority shareholding in the firm.
Security Re's 18-member team operates out of the capital Quito in Ecuador and, backed by Lockton's international resources, will deal with all classes of facultative reinsurance with an emphasis on major property exposures.
Lockton Partner Chris Brown said: "The agreement commits both our firms to an association that will combine Lockton's international resources, consultancy and technical expertise with Security Re's local skills and capabilities. The Quito office will be backed by a wealth of reinsurance expertise operating out of London and across our global operations, which serve clients around the world. We are excited about the development of this business."
Lockton Security Re's Esteban Merlo added: "Since our establishment, Security Re has strived to be a value driven intermediary with an emphasis on client service and a commitment to quality -– a key value our Associates share with Lockton."
The agreement with Security Re will not affect Lockton's partnership with retail broker, Ecuaprimas, which will continue to service corporate clients' direct insurance and risk management needs in Ecuador.
Notes to editors
About Security Re
Security Re is the number one reinsurance broker in Ecuador and is focused on facultative reinsurance placements for power plants, financial institutions and general property risks. The company was formed in 2000 and during the past 12 years has successfully generated significant value for its clients. Security Re is the first company of its kind in the region to qualify for the ISO 9001:2008. For more information, view www.security-re.com.
More than 4,450 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, and risk management services that improve our clients' businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held insurance broker in the world and 9th largest overall. Independent researcher Greenwich Associates awarded Lockton its 2011 Service Excellence Award for risk management for large companies. For three consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.