Howden, part of Hyperion Insurance Group, today announced its entry into the Mexican insurance market with top five Mexican broker, Grupo Ordás, signing an agreement to join the international broking group.
Headquartered in Mexico City, Grupo Ordás is a leader in the Mexican Motor insurance market and has strong expertise across corporate lines.
Grupo Ordás will be part of Howden’s Iberoamerican region, which employs over 800 people and, including Mexico, will span six countries across Latin America, in addition to its Iberian operations in Spain and Portugal.
David Howden, CEO, Hyperion and Howden, commented: “I am delighted that Grupo Ordás has chosen to join the Group; this represents a key strategic development in Howden’s Iberoamerican growth plans. An on-the-ground presence in the second largest economy and insurance market in Latin America, and Grupo Ordás’ deep understanding of the local market, will significantly improve our offering to clients across the region. We already have an excellent relationship with José Luis Ordás and I am confident that Grupo Ordás is the perfect partner.”
José Manuel González, CEO, Howden Iberoamerica, added: “We have identified many opportunities this partnership will bring to both businesses and look forward to exploring many more. The ingredients of Grupo Ordás’ success and ours are very similar; client focus, exceptional talent and an entrepreneurial ethos, and our strengths are extremely complementary. Grupo Ordás’ technological innovation combined with Howden’s expertise and international distribution is the recipe for a very exciting future. They bring further Motor insurance expertise, in addition to that gained with our acquisition of Bergé in Spain earlier this year, and an impressive technology platform that has the potential to help us to deliver even better solutions to clients across many different lines of business.”
He continued: “Across Howden Iberoamerica, we have already achieved a great deal of success using the talent and expertise from one business to build capabilities in another, and we have already identified areas where Howden and Grupo Ordás will find synergies to optimise both businesses.”
José Luis Ordás, CEO, Grupo Ordás, commented: “Cultural fit was a key factor for us in choosing the right business to join; as a leading independent international group that empowers local businesses to deliver the best solutions to their clients, Howden is the perfect choice. We have worked with Howden and the wider Hyperion group for a while now and, as a member of the Howden One broker network, we have already seen the benefits of being part of a group of this size. With access to broader expertise, we can expand our portfolio of specialist solutions and will be even better positioned to attract more of the best local talent to continue to exceed the expectations of existing and new clients.”
The transaction is subject to regulatory approval.