Howden, the Lloyd's broker specialising in business critical insurances, is to set up a new venture in Miami.
The company said VK Howden LLC will focus on developing wholesale broking opportunities in Latin America.
The operation will be led by Bobby Vernon and Matt Kelly formerly of Mexbrit, a US reinsurance intermediary specialising in Latin American markets.
Vernon and Kelly will be partners in the venture with Howden.
Tim Coles, CEO of Howden, said: “Howden has built a strong presence in Latin America over the past 11 years, and we have particular expertise in the directors' and officers' liability needs of clients in this region.
"We estimate the total Latin American specialist liability market to be worth over $150m and growing rapidly with the increase in regulation and corporate governance. There is tremendous potential for Howden to grow its presence further.
The business is expecting to handle 15% of the total Latin American D&O market by the close of 2007.
