Howden: Expands Reinsurance with Innova Re Acquisition in Peru

Howden, a prominent global insurance and reinsurance broking group, has announced its acquisition of Innova Re, the leading independent reinsurance broker in Peru. Headquartered in Lima and established in 2017 by Juan Diego Cadarso, Innova Re has rapidly become the fourth largest reinsurance broker in the country, focusing on commercial lines such as property, aviation, and civil liability. The acquisition is part of Howden's strategy for international expansion, strengthening its existing retail insurance operations in Peru where it stands as the second-largest broker. This move aligns with the firm's growth strategy in the Latin American region, especially after the significant appointment of April McLaughlin as Managing Director of Howden Miami. Both Howden and Innova Re highlight the longstanding collaboration and shared values between the companies, emphasizing the benefits of combined data, analytics, and global expertise to enhance their service offerings. Innova Re's integration into Howden is seen as a natural progression of a strong business relationship built over eight years. This strategic acquisition also bolsters Howden's reinsurance service capabilities across Peru and Latin America, positioning it as a formidable new force in the region.