Price Forbes has entered the Chilean reinsurance market through the acquisition of an equity interest in reinsurance broker Cooper Gay Chile.

The operation, which has been trading for over 12 years serving large Chilean corporate clients and the reinsurance markets, is led by Luc Van Eyghen.

Greg Ferguson, Price Forbes’ managing director of non-marine international, will join the board of the company, which is in the process of changing its name to Price Forbes Chile.

Van Eyghen will continue to grow the business and expand the specialist services the reinsurance broker offers with the help of Price Forbes.

Commenting on the announcement, Van Eyghen said that Price Forbes’ involvement would “provide access to expertise in specialist classes of business which will help us to support our clients and develop new business.”

Meanwhile, Ferguson said: “This is an exciting international investment outside of our core business platforms and is a clear message of our ambition to enter into strategic markets." 

“The robust platform gives us a spring board in to a market place where we see great opportunity to jointly grow our brand and the current portfolio with innovative solutions combining Price Forbes’s capabilities.”

Price Forbes is part of the private equity-backed KIRS insurance group, which also includes Towergate and Bishopsgate.