Cambiaso Risso joins forces with Korsa Brasil to expand into South America
A new company has been set up, in which the Italian broker holds a 51 per cent stake. The aim is to achieve a turnover of 10 million dollars by 2028
Key points
Cambiaso Risso, one of the leading international brokers specialising in maritime and shipping risks, is entering the South American market through a partnership with a Brazilian company, focusing on the maritime, shipping, port, offshore and oil & gas sectors. The Genoa-based company has launched its operations in Brazil through a joint venture with the Brazilian firm Korsa Riscos & Seguros; this has led to the creation of CR Korsa Brasil.
The new company will be 51 per cent owned by Cambiaso Risso and 49 per cent by Korsa. The aim is to strengthen the international group’s presence in the Brazilian market with a view to expanding into other Latin American markets. Cr Korsa expects to achieve an annual turnover of 10 million dollars from 2028 onwards. The company’s areas of activity will include maritime transport, ship hulls and machinery (hull & machinery), third-party liability, ports, shipbuilding and ship repair, offshore operations, oil & gas, energy, superyachts, cargo and P&I (protection & indemnity) cover. Cr Korsa will also focus particularly on projects to develop Brazil’s maritime, port and offshore infrastructure.
Based in Rio de Janeiro, one of the country’s main maritime clusters, the new entity will serve the south-eastern, northern and north-eastern markets of Brazil, according to a statement, ‘without any restrictions based on client size’. James Theodoro, the current CEO of Korsa Riscos & Seguros, will take on the role of CEO of CR Korsa Brasil and lead the new company’s operations.
“In addition to our established global leadership in the hull sector and our growing presence in P&i sector,” says Mauro Iguera, CEO of the Cambiaso Risso Group, “Latin America offers us the opportunity to further develop the other two pillars of our strategy – energy/offshore and reinsurance – in close collaboration with our offices in London and Scandinavia.” One of the key features of the new venture, adds Iguera, will be access to international markets. Cambiaso Risso has, in fact, a global network of specialists dedicated to the maritime sector, including a team in London that will support the development of business originating from Brazil.
A growing market
According to estimates by the new company, the Brazilian insurance market relating to the maritime, shipbuilding, port and offshore sectors is expected to generate around 2.5 billion Brazilian reais in premiums by 2025. Furthermore, the new company’s offering will go beyond its traditional activities and will include insurance and reinsurance brokerage; risk consultancy; claims management consultancy, including for non-client companies; risk management services for port, maritime and oil & gas clients; and the management of corporate welfare programmes, with a particular focus on health and quality of life.
