Aspen Insurance said it is expanding its presence in Latin America with the opening of a regional hub in Miami, joining a group of insurers and reinsurers that have also located Latin American operations in the city.
The Miami office and Aspen’s expanded energy team will serve the onshore energy market in Latin America, which is part of Aspen’s previously announced strategy to expand its operations selectively in targeted market segments, according to the announcement.
The company recently named Gary Windsor to spearhead its onshore energy expansion into Latin America. The team will begin writing business from Miami in July, according to Tony Carroll, executive vice president and head of Marine, Energy and Construction.
Mario Vitale, CEO of Aspen Insurance, said the insurer plans to roll out additional products across Latin America.
Aspen U.S. Insurance writes property, casualty and specialty insurance in the United States on both a surplus lines and admitted basis through Aspen Specialty Insurance Co. and Aspen American Insurance Co.
Aspen will have company in Miami among firms looking to expand in Latin America.
Last month, Chaucer, a specialist Lloyd’s insurance group, said it will open an office in Miami during the fourth quarter of 2014 to develop Latin American business for Chaucer Syndicate 1084. The company said that Uwe Fischer, regional development director for Latin America, will relocate from Chaucer’s office in Buenos Aires to lead the new office. He will be joined by Alejandro Ferrin, property facultative underwriter.
Hiscox, Zurich and Allied World also have Latin America-focused offices in Miami.