Chaucer Targets Latin America Through New Buenos Aires Office

Lloyd's insurer Chaucer Holdings plc is to open an office in the Argentine capital of Buenos Aires to cover Latin American facultative property and related lines through its Syndicate 1084.

"This is a significant opportunity for us," Andrew Voke, London-based head of production for Chaucer's Syndicate 1084, said of the operation, which is due to launch on Oct. 1.

The office will be run by Uwe Fischer, a veteran of the Latin American reinsurance market, who has been named Chaucer's general manager for Latin America.

The Buenos Aires office will augment existing Chaucer operations in Singapore and Denmark, Voke said in a telephone interview.

"Within Chaucer we have a view that we want to expand our abilities internationally," Voke said.

The Buenos Aires initiative should create other opportunities, such as the chance to write business in Brazil and elsewhere in Latin America, Voke said. He said the February earthquake in Chile has strengthened pricing for property facultative business.

While Latin America is new territory for Chaucer, Voke said, "There's plenty of professional help in getting set up there."

Voke declined to discuss financial goals. The operation will depend on "where the market goes," he said.

Chaucer has had its Danish office, in Copenhagen, for more than a decade, Voke said. The company is also "very active" in Singapore. "The next step for us was to find a resource and opportunity in Latin America," he said.

Syndicate 1084 and Lloyd's each have Best's Financial Strength Ratings of A (Excellent).

(By Robert O'Connor, London editor: [email protected])