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DAC strengthens presence in LatAm with two new insurance associations

DAC Beachcroft has strengthed its presence in Latin America with new insurance associations in Peru and Central America.

The associations are with Torres Carpio Portocarrero & Richter (TCPR) and BLP, providing clients with coverage in Peru (TCPR) and Costa Rica, El Salvador, Guatemala, Nicaragua and Honduras (BLP).

The associations are in addition to DAC’s existing presence in Latin America, where the firm has offices in Mexico, Colombia and Chile, as well as an alliance in Brazil and a hub in Miami. The arrangement will see all three firms work together to share best practice and meet mutual clients’ key business needs in Latin America.

DAC’s managing partner David Pollitt said the associations marked a further important step in the firm’s expansion plans.

DAC’s Latin American regional head, Anthony Menzies, added: ‘We know Latin America is a hugely important market and one to which we are committed as part of our international growth strategy. It is undoubtedly a region where our clients want us to be. These associations now give us a presence in no fewer than ten Latin American jurisdictions, either through our own or associate offices.’

Meanwhile, DAC has seen a weaker financial performance for the six months ending 31 October. The firm’s revenue for the period stood at £102m, up 1% on the same period in 2015/16.

The firm saw a steady financial performance for 2015/16, reporting a turnover increase of 2% to £201.6m while profit was up 9% to £35m.

Pollitt (pictured) said: ‘I am pleased with this good result at the half-year stage, which bears testament to the continuing hard work of all our people. We have managed to trade through some difficult market conditions in the first six months of this financial year, hitting the tough targets we set ourselves at the beginning of the year.’