15 December 2014News

Armour buys two Mexican insurers

Armour Group, the Bermuda-based group of re/insurance, investment and service companies, has acquired two Mexican insurers.

Armour has acquired Fidelity National Title de Mexico, a provider of title insurance and escrow services.

Following the acquisition Fidelity has been renamed to Armour Secure Insurance. In its more than eight years of existence, Armour Secure Insurance has written over $7 billion in policies.

Armour has also acquired Fidelity National Escrow Services, now renamed Armour Secure Escrow. Armour Secure Escrow was the first in Mexico to introduce escrow services.

Armour Secure Insurance and Escrow will continue under the leadership of Juan Pablo Arroyuelo, director general, heading a team of the most experienced insurance and escrow service professionals in the Mexican title insurance industry.

John Williams, president of Armour, said: “Given that Mexico is such a large and sophisticated market and that the Mexican legal framework has proven to be open and mature, Armour is looking forward to developing further its presence in the Mexican insurance market. Bermuda is open for business with Mexico and we look forward to generating significant capacity for a variety of insurance products to support economic growth in Mexico.”

Yves Hayaux-du-Tilly, partner of Nader, Hayaux & Goebel, the lawyers who represented Armour, and chairman of the Mexican Chamber of Commerce in Great Britain, said: ‟This is the first time that the Mexican Government has authorised a foreign investor from a Country that is not a party to a free trade agreement with Mexico to acquire a Mexican insurance company. Bermuda is one of the large stand most highly regarded insurance business jurisdictions globally. We are delighted that it is a Bermuda based group who are the first to be approved under this new legal framework approved under the reforms to the financial system by the current administration of President Peña Nieto.

“Mexico is certainly open for business and it is great to see international players such as Armour come into the market bringing capital and the expertise in speciality insurance. The additional capacity in the niche title insurance market is very important for the continued development and growth of Mexico’s dynamic real estate market.’’