London-based insurance broker UIB (United Insurance Brokers) has launched UIB Seguros, its new retail business in Colombia. This builds on the company’s already-established reinsurance business in the South American nation, which is branded as UIB Colombia.
UIB Seguros will be run by Yolanda Guerra, who will serve as chief executive officer and report to UIB International CEO Tony Dilley. She has previously served as a board member of Colseguros, Segurexpo, the Asociación Colombiana de Corredores de Seguros (ACOAS), and the Federación de Aseguradores Colombianas (Fasecolda).
In explaining the reasons behind the formation of the new retail arm, Dilley praised the country’s economy and public-sector reinsurance market potential.
“Colombia is a stable country with a strong economy which has weathered the recent world recession extremely well, and our business there continues to grow profitably,” said Dilley. “Colombia’s economy has outperformed other commodity-based economies in the region.”
He added that UIB Seguros plans to pursue “larger, public sector tendered business,” which he expects “to generate reinsurance placements opportunities.”
The newly formed company is currently recruiting staff and will initially look to expand relationships with current clients, UIB said in a statement.
In addition to Colombia, UIB also has Latin American operations in Brazil.