Filhet-Allard Maritime, the French-based insurance broker for the commodities trading, shipping and industrial markets, has acquired a majority stake in Latitude Brokers, a specialist shipping broker based in Asia and whose headquarters are in Hong Kong.
The acquisition has received regulatory approval from the authorities in Hong Kong and Singapore. Financial details of the transaction were not disclosed.
Latitude Brokers was founded in Hong Kong in 2014 and expanded to Singapore in 2016. It primarily serves clients in the Asia-Pacific region in the marine, offshore and global supply chain industries. .
This agreement is the latest step in Filhet-Allard Maritime’s continued global expansion plan, which already includes operations in Switzerland, Ivory Coast and Turkey. This acquisition will provide Filhet-Allard Maritime with a new platform for expansion into the Asian market, where it is already a well-known broker in the commodities sector.
In addition, the new configuration is designed to create a direct link between Europe, Africa and Asia which will provide a unique service offering to existing and future customers.
“The acquisition of Latitude Brokers will be a game-changer for our group,” said a joint statement issued by Henry Allard and Christian Barnabe, respectively President and CEO of Filhet-Allard Maritime.
“This will consolidate our position as a global marine insurance broker and anchor our operations in Asia. The complementarity of our portfolios in the maritime transport and raw materials sectors will provide a solid basis to propel our activities in the region ”, the press release continued.
Latitude founding partners Vanessa Toucas, Andrew Brooker, Tom Fulford-Smith and Charles D’Alton commented, “We are very grateful for the hard work and support of our staff and customers, many of whom have been with us since. the very beginning years. We have known the Filhet-Allard Maritime team for almost 20 years. We both see the Asian market as an essential part of a global operation and are excited to grow together. “
Latitude will retain its brand identity as it enters this new phase of its development. The acquisition will accelerate the changes it wants to implement, including immediate growth plans in Singapore and Hong Kong.
Henry Allard, Christian Barnabe and Léon Lederman will join Latitude’s board of directors.
About Filhet-Allard Maritime
Filhet-Allard Maritime is a leading insurance broker in the main global commodity trading, shipping and industrial markets. Founded in Bordeaux in 1846, the company is today managed by the sixth generation of the Allard family. Filhet-Allard Maritime’s technical and logistics platform employs more than 100 experts in France, Switzerland, Ivory Coast and Turkey.
Source: Filhet-Allard Maritime
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