BY ADRIANA URREA
New Zealand-based insurance company CBL Insurance is planning to increase it’s presence in Mexico in order to take advantage of opportunities presented by the opening of the energy sector, according to company president Peter A. Harris.
In an interview, Harris stressed his confidence in the Mexican market (where CBL has been operating for 12 years), adding that there are currently excellent opportunities for investment in the country’s financial sector in particular. CBL has reached a deal with Afianzadora Fiducia, which will help increase the company’s product offering.
“We see an opportunity to increase the number of financial products we offer … and we were looking for the right company to associate ourselves and our business with. This is what led us to negotiate with Fiducia,” said Harris.
The CBL president also confirmed the company will be offering reinsurance services for the energy sector.
“This market investment is bringing us to a new level, especially within the financial sector,” he said, adding that the company will maintain existing client relationships.
“We are taking a long-term vision. We aim to have controlled growth. We are not looking for instant results. Today, Mexico accounts for 3 to 4 percent of the group’s business,” said Harris.
Mexico is the primary market in Latin America for CBL. The group has a number of on-going infrastructure projects with the federal government and will focus on this market in the coming years.
“CBL has established long-term business relationships. We have strong relationships in Mexico and we see a very positive future, not only for ourselves but for our clients in Mexico as well,” he finished.