Specialty insurance firm Aspen has acquired Blue Waters Insurers, a specialist marine managing general agent (MGA) based in San Juan, Puerto Rico.
The latest deal will see Blue Waters form part of Aspen’s global marine operation. It will provide the insurer access to the Puerto Rican and Caribbean markets to support the continued expansion of the company’s marine business.
Blue Waters president Eugenio Rosas will keep his role and will report to Patrick Hickey, Aspen’s executive vice president and head of US marine.
Aspen president and chief underwriting officer David Cohen called Blue Waters a “recognised industry leader” in the Puerto Rican marine market. He praised the company’s “excellent reputation” and its “intellectual capital, technical and deep marine risk engineering expertise.”
“It is a successful business with strong prospects and is an excellent fit with our marine business in the US as it adds local, technical expertise to support Aspen Insurance's expansion by delivering localised service to a new geography,” Cohen said.
Commenting on the acquisition, Rosas said Blue Waters is committed to building long-term relationships with its marine customers and insurance agents in Puerto Rico and the Caribbean.
“That commitment will continue as part of Aspen Insurance and we look forward to developing the business further and leveraging the expertise and experience of Aspen Insurance,” Rosas said. “This is the start of an exciting future for Blue Waters as part of a global company.”
Aspen snaps up Liberty’s UK regional P&C business
Aspen appoints head of international marine