Lead investors include JP Conte’s Lupine Crest Capital and Dennis Chookaszian
Chariot & Castle Seguros, a leading property and casualty insurance brokerage operating in Colombia as Grupo ilao, today announced it has completed the acquisitions of 21 insurance brokerages across seven cities over the past two years, creating one of the top five insurance brokerages in Colombia.
The company has raised over $30 million in debt and equity to date from a consortium of investors led by Jean-Pierre “JP” Conte’s family office, Lupine Crest Capital, and Dennis Chookaszian. In addition to Chariot & Castle Seguros, Conte’s firm, Genstar Capital, and Chookaszian have made multiple other investments in the space. Together, they have invested in Acrisure, Confie Seguros, Alera Group, and AMBA. Chookaszian was also involved in the development of USI and Alliant Insurance Services.
Conte, founder and CEO of Lupine Crest Capital and chairman and managing partner of Genstar Capital, said, “We are excited to help launch one of the first platforms to consolidate the insurance distribution sector in Latin America, leveraging our deep expertise within insurance services. Through Lupine Crest’s continued investment, we look forward to continuing to fuel Grupo ilao’s further growth and expansion in Colombia and other Latin American countries.”
Chookaszian, former CEO of CNA Insurance and member of the Strategic Advisory Board at Genstar Capital, said, “Our prior experience in the insurance distribution space will help accelerate Grupo ilao’s growth as we provide capital to support the company’s strategic and financial objectives, including future acquisitions in the region.”
Mauricio Garcia, Grupo ilao’s president and former president of Liberty Seguros, said, “Each of these 21 companies was hand-picked for being one of the top insurance brokers in Colombia. We are excited to complete these transactions, and we look forward to expanding internationally next year as we continue our ambitious growth plan.”
Mauricio Perez, Grupo ilao’s chief executive officer, said, “We are very fortunate to have the expertise and financial support from an all-star team of some of the top private equity executives and industry leaders in insurance services in the U.S. and Europe. They have helped transform Grupo ilao into a leading national insurance brokerage with the resources and technology of a larger broker and the personalized customer service of a smaller broker for each of our clients.”
Terms of the transactions were not disclosed.
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