(Andes Mountains from Santiago, Chile. Photo credit: Individuo.)
Charles Taylor Adjusting (CTA, London), an international loss adjuster and subsidiary of Charles Taylor, a service and solutions provider to the global insurance industry, has acquired FRG group, a specialist technical loss adjusting and claims program management services provider headquartered in Santiago, Chile. CTA reports that the aim of the acquisition is to extend CTA’s network, presence and reach across Latin America.
FGR employs around 385 people in 17 locations in Chile and Peru and has a growing presence across the Latin America region. The company provides specialist technical loss adjusting and claims program management services. FRG’s loss adjusting business operates in the property/casualty, with particular strength in construction, engineering, liability and catastrophe losses, according to a CTA statement. The company’s claims management business provides insurance claim settlement services to insurance companies in the Chilean market. The business handled around 3.1 million claims during 2017.
Due to FGR’s location on the “Pacific Ring of Fire” gives the company greater exposure to CAT events in the region, a CTA statement notes. FGR has worked on recent major CAT events, including the 2015 Chilean floods, 2016 Ecuador earthquake and 2017 Puerto Rico hurricanes, the latter in association with Charles Taylor Adjusting.
CTA’s acquisition of FGR group extends Charles Taylor’s existing office network, presence and client relationships across Latin America, and positions Charles Taylor as one of the leading international claims program management and loss adjusting firm in Latin America. It also adds technical expertise and high value services to CTA’s loss adjusting offering in the region.
FGR’s clients will benefit from the strength and resources of Charles Taylor and will be able to access additional lines of business and further services offered by CTA and the wider Charles Taylor Group. CTA reports that FGR will be integrated with its other existing Latin American adjusting businesses, led by Felipe Ramirez, Managing Director and Regional Head, Latin America.
“This acquisition greatly strengthens our loss adjusting presence and capabilities in Latin America,” comments Damian Ely, CEO, CTA. “Charles Taylor Adjusting is now one of the leading international loss adjusters in the region. We have the resources, expertise and technical skills to support local and international insurers and reinsurers with larger and more complex claims and CAT losses.”
“The deal progresses our strategy of strengthening our loss adjusting and claims management capabilities in selected markets,” he adds.
Ignacio Barriga, CEO, FGR group, calls the company’s becoming a part of the Charles Taylor family a huge opportunity for FGR. “It will give us far greater access to clients in the London and international markets,” Barriga says. “We will benefit from the financial strength, reputation and resources of the Charles Taylor Group and from opportunities for cross-referral and joint working with the wider Group.”
Charles Taylor’s Larger LatAm Expansion
This acquisition demonstrates Charles Taylor’s commitment to growing its capabilities in Latin America, coming on the heels of the company’s recent acquisition of Argentinian-based insurance technology provider, Inworx, comments David Marock, Group CEO, Charles Taylor. “It marks an important step forward in delivering our strategy to achieve market leading positions for each of our businesses and expand into growing economies and markets,” Marock says. “I am very pleased to welcome our new colleagues from FGR to Charles Taylor.”