Aspen Insurance has made an acquisition that will expand its specialist Marine capabilities in the Carribbean market.
The Bermuda-based insurer said it bought Blue Waters Insurers, Corp. Blue Waters, based in San Juan, Puerto Rico, is a specialist Marine Managing General Agency first lunched in 2007.
Neither side is disclosing financial terms. But Aspen notes in its deal announcement that Blue Waters is well regarded for product design and development services across Puerto Rico and the Caribbean, and thus becomes key to its expansion plans.
Plans call for folding Blue Waters into Aspen’s global marine operation, and it will support Aspen’s continued expansion of its marine business by opening access to markets in Puerto Rico and the broader Caribbean.
“It is a successful business with strong prospects and is an excellent fit with our marine business in the U.S.,” Aspen President and Chief Underwriting Officer David Cohen said in prepared remarks. “It adds local, technical expertise to support Aspen Insurance’s expansion by delivering localized service to a new geography.”
Blue Waters President Eugenio Rosas will remain with his firm. He’ll report to Patrick Hickey, executive vice president and head of U.S. Marine, Aspen Insurance. In prepared remarks, Rosas said he sees Blue Waters’ deal with Aspen as a beneficial one.
“We look forward to developing the business further and leveraging the expertise and experience of Aspen Insurance,” Rosas said. “This is the start of an exciting future for Blue Waters as part of a global company.”
Aspen isn’t the only insurer paying closer attention to the marine market. Markel International acquired Galleon Marine Insurance Agency, the London based MGA specializing in marine professional indemnity and cargo business. Our sister publication Insurance Journal covered that story, and details can be found here.
Source: Aspen Insurance