Gallagher expands its operation in Colombia with the purchase of Báez Cote's client portfolio; this is the size
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Arthur J. Gallagher continues to expand its operation in Colombia with the acquisition of the client portfolio of Báez Cote Asesores de Seguros, a Santander agency specializing in compliance insurance. The transaction strengthens the firm's presence in one of the segments of the insurance market where it seeks to expand its capabilities. Báez Cote Asesores de Seguros was founded in Bucaramanga in 2008 and currently serves more than 3,000 active clients and issues more than 10,000 policies per year. The agency was created and has been led by its founding partners, Juan José Báez and Nelly Cote. The operation adds to the expansion strategy that Gallagher has been developing in Colombia through acquisitions and organic growth. With the incorporation of this portfolio, the company seeks to strengthen its specialized capabilities in compliance insurance and complement its offering of risk consulting, employee benefits, and corporate insurance. Marcel Saffon, CEO of Gallagher Colombia, noted that the acquisition responds to the company's growth strategy in the country and highlighted Báez Cote's experience in this segment. "This acquisition responds to our vision of sustainable growth in Colombia and the commitment to continue incorporating highly specialized capabilities," he stated. Related: New move in Itaú's businesses in Colombia: changes related to insurance are coming The...
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