JLT Group PLC is continuing its expansion into Latin America, buying a majority shareholding in Chile’s fourth-largest broker. 

The London-based global broker will buy 50.1% of Alta SA, the holding company of broker Orbital Corredores de Seguros and Alta Re, a reinsurance broker that started operating in April 2010. The deal includes an option for JLT to buy a further 25% of Alta SA in 2020. 

JLT Latin America CEO Vyvienne Wade says the acquisition continues the company’s drive to expand its businesses there, following a strong performance in 2010.

“Chile is a well-established insurance and employee benefits market and this acquisition will add to our presence in the region where we already have majority-owned operations in Brazil, Colombia and Peru,” she said.