AFL Sud America CEO Guillermo Pastore
South American operation established in joint venture with Special Division Reinsurance Brokers
London, 28 November, 2018: Independent Lloyd’s broker AFL Insurance Brokers Ltd (AFL) is delighted to today announce the launch of AFL Sud America LLC (AFL Sud America), as part of a joint venture with Special Division Reinsurance Brokers (Special Division), one of the largest reinsurance brokers in South America.
Headquartered in Buenos Aires, Argentina, the new business was formed after AFL acquired an equity stake in the former Cooper Gay Argentina LLC business, which was owned by Special Division. The change of name to AFL Sud America is effective immediately.
With an additional office in Miami, USA, the next steps in the strategy for AFL Sud America see it plan to launch operations in Brazil and Colombia. AFL and Special Division also aim to establish and grow a network of independent brokers in the region.
AFL Sud America will be led by CEO Guillermo Pastore. A prominent reinsurance professional with more than 25 years of experience in the regional market, Pastore will also continue his current role as CEO of specialised reinsurance treaty broker Special Division.
AFL Chairman Toby Esser said, “I’ve worked with Guillermo for almost 20 years, and his very successful career – most recently spent building up the largest independent reinsurance broker in Argentina – is testament to his hard work and expertise.
Establishing AFL Sud America with Special Division is clearly in line with our strategy to grow AFL into a leading international centre of excellence for wholesale business, retail broking and reinsurance. South America has a thriving broker-driven reinsurance market, where expert independent advisors like AFL and Special Division can bring real value when it comes to capacity, new products and innovation.
I am highly confident in Guillermo’s ability to lead the AFL Sud America operation, and am delighted to be working together with him again to build up a market-leading network in this dynamic, high growth region.”
AFL Sud America CEO Guillermo Pastore commented, “I am very excited about this extraordinary challenge – the AFL Sud America joint venture will allow us to deliver an independent and innovative alternative that is very much in demand.
Of course, the opportunity to work with Toby again was a big factor – we have known each other for many years, and in former roles were part one of the most successful teams running one of the largest networks in Latin America. I am proud to be working alongside the AFL team and to be able to confidently guarantee that clients and reinsurers will obtain the best solutions for their businesses.”
AFL CEO Bob Finch said, “International expansion is central to our business model, and South America clearly offers great opportunities for an expert independent intermediary to grow. Our strategy is to build up AFL Sud America’s regional reinsurance offering, initially targeting expansion in Brazil and Colombia – which show excellent potential as growth markets – as well as harnessing our new presence in Miami.
Our focus will be on developing innovative solutions for our clients, and building alternative independent regional distribution channels. We are looking forward to putting our specialist knowledge and experience to work, and I am very pleased to be welcoming a professional of Guillermo’s calibre and experience to the team. I have no doubt that he will take a decisive lead in driving the successful growth of AFL Sud America going forwards.”
Special Division is an exclusive broker for Latin America, specialising in treaty, retrocession, agriculture, surety, binders and complex risks through its Hub in Buenos Aires and a commercial office in Miami.
