Lockton, the world’s largest privately held insurance broker and consultancy, has announced that it has acquired THB Brazil from Amwins. Terms of the transaction were not disclosed.

Eduardo Lucena, CEO of THB Brazil, will assume the role of deputy CEO of Lockton Brazil upon completion of the deal. Other THB executives will also be joining the combined company’s management team, Lockton said.

“The Brazilian insurance sector is expected to grow in 2023 and beyond, and staying competitive requires us to continually adapt and innovate to meet our clients’ needs,” Lucena said. “We’re excited to join forces with Lockton and be a part of its independent, client- and people-focused culture.”

“We’re delighted to begin a new era for Lockton in Brazil,” said José Otávio Sampaio, CEO of Lockton in Brazil. “As separate entities, Lockton and THB have both performed exceptionally in recent years. Our combined strength will only make us better, enabling us to develop more meaningful and long-term relationships with our clients, insurers and reinsurers, provide development opportunities for our associates, and achieve our goal of doubling in size over the next three years.”

The acquisition comes on the heels of other investments by Lockton aimed at expanding its operations in Brazil. In recent years, the company has worked to attract talent in the country for its Risk Solutions, People Solutions and reinsurance teams.

The addition of THB bolsters Lockton’s commercial team, expands its capacity in the country and opens new opportunities for sales and product development, the global broker said.

Last month, Lockton announced the appointment of Peter Chesterfield as senior vice president of its Global Real Estate & Construction unit.

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