Filhet-Allard Maritime has acquired a controlling stake in Latitude Brokers, a specialist marine broker headquartered in Hong Kong and specialising in Asian markets.
The transaction has received approval from authorities in both Hong Kong and Singapore. Filhet-Allard is a France-based insurance broker for the commodities trading, shipping and industry markets. By gaining control of Latitude, Filhet-Allard significantly expanded its overseas footprint, which include businesses in Switzerland, Turkey and Côte d'Ivoire. The acquisition connects Europe, Africa and Asia, which will provide a unique service offering to existing and future clients, Filhet-Allard said.
“The acquisition of Latitude Brokers will be a game-changer for our group,” said Henry Allard, president, and Christian Barnabe, managing director of Filhet-Allard Maritime, in a joint statement. “It will consolidate our position as a global maritime insurance broker and anchor our operations in Asia. The complementary nature of our portfolios in the shipping and in the commodities sectors will provide a solid base to propel our business in the region.”
Allard, Barnabe and Léon Lederman, commercial manager of Filhet-Allard, will join Latitude’s board.
Despite a challenging global and market environment, Latitude has continued to enjoy strong year-on-year growth. It will keep its brand identity and will immediately launch growth plans in the Singapore and Hong Kong markets.
“We are very grateful for the hard work and support of our staff and clients, many of whom have been with us since the very early years,” said Latitude founding partners Vanessa Toucas, Andrew Brooker, Tom Fulford-Smith and Charles D’Alton. “We have known the Filhet-Allard Maritime team for nearly 20 years. We both see the Asian market as a critical component of a global operation and are excited to grow together.”