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DAC Beachcroft has broadened its network with formal associations with Colombian firm De La Torre & Monroy and Malaysia’s Gan Partnership.
The deal with the Bogota-based outfit, which had a longstanding relationship with legacy firm DAC, has been agreed for two years with the view to turn that into a full merger.
During this time the firms will share office facilities and work for mutual clients while staff will be seconded between the firms.
Head of insurance at the firm, David Pollitt, said that the association will enable the firms to jointly service the Colombian and London markets. He added that the two firms share a number of clients, including AIG Insurance and ACE, and have already done client presentations as a team.
The move builds on the tie-up between DAC Beachcroft and Chilean firms Seguros Lex and Amunategui y Cia in November (1 November 2012).
Legacy DAC had a successful Latin America practice, with bases in Madrid and Mexico and alliances with JBO Advocacia in Brazil and Seguros Lex in Chile.
DAC Beachcroft aimed at the outset of the merger to expand its South American network rapidly, with plans for the Chile merger first revealed in May (18 May 2012) when the firm sealed an association with Canada’s McCague Borlack.
“A lot of our reinsurer clients can make money in these emerging markets,” said Pollitt of the firm’s associations in Chile, Mexico, Colombia and Brazil. “With those four we’re pretty well covered. Some of our clients are talking to us about what we might be able to do to help them in Peru and Ecuador, but we have no immediate plans [to merge] in either of these jurisdictions at the moment.”
The firm has also reached agreement for a formal association with Malaysia’s Gan Partnership.
Steven Dewhurst, a partner in DAC Beachcroft’s Singapore office who helped drive the association, said: “The country is closely connected to Singapore in geographical, political and commercial terms, so establishing a platform in Malaysia makes strategic sense for both our Asian business and the firm as a whole.”
Beachcroft merged with Davies Arnold Cooper (DAC) in October 2011 (31 October 2011). The combined firm posted turnover of £163m at the latest year-end (28 June 2012).