Hero Seguros Expands Across Latin America With Grupo CAM Acquisition
Hero Seguros acquires Grupo CAM to enter Mexico, expanding its footprint to eight Latin American countries following its recent US$7 million funding round.
Hero Seguros has completed the acquisition of Grupo CAM, the Mexican representative of Europ Assistance, marking the Brazilian insurtech's official entry into Mexico. The transaction is the company's first merger and acquisition (M&A) and represents a key milestone in its international expansion strategy following its recent funding round.
First acquisition supports Hero Seguros' regional expansion
The acquisition follows the company's R$35 million (approximately US$7 million) investment round announced in February, led by Headline and Actius. According to Hero Seguros, international growth was one of the primary objectives behind that capital raise.
In recent months, the company has also launched operations in Argentina and Uruguay and is preparing to begin activities in Chile next week. Through the acquisition of Grupo CAM, which already operated in Colombia, Honduras, and Costa Rica, Hero Seguros expands its presence to eight countries across Latin America.
Mexico acquisition accelerates market entry
Discussions between both companies initially began as a potential commercial partnership. However, Hero Seguros ultimately decided to acquire Grupo CAM after identifying that the Mexican insurance market presented greater complexity and operational challenges than other countries in the region.
Negotiations were completed within a few months, and the acquisition agreement was signed this week.
"The acquisition is a shortcut to enter Mexico by acquiring a structure that allows us to bring our entire product portfolio while gaining time and knowledge of the local market," said Guilherme Wroclawski, co-CEO of Hero Seguros.
As part of the agreement, Grupo CAM's founder will continue leading the operation for 90 days during the transition period before the business officially adopts the Hero Seguros brand in Mexico.
"It is a solid company that is profitable and delivers results," Wroclawski added.
Before co-founding Hero Seguros, Wroclawski served as Head of Product at Ciclic, Banco do Brasil's insurance platform.
Revenue and profitability expected to grow in 2026
Hero Seguros reported revenue of R$215 million (approximately US$43 million) in 2025 and expects to reach R$400 million (approximately US$80 million) by the end of 2026, supported by its recent funding and the acquisition of Grupo CAM.
The company also projects a 70% increase in EBITDA, growing from R$24.5 million (approximately US$4.9 million) to R$40 million (approximately US$8 million).
According to the company, international operations are expected to account for around 10% of total revenue.
Hero Seguros continues expanding its insurance platform
Founded in 2022, Hero Seguros operates under a B2B2C model, distributing insurance products through partners including BTG Pactual, Banco do Brasil, and Daycoval.
Travel insurance currently represents around 70% of the company's revenue, although its portfolio also includes financial protection products and extended warranties.
Since its launch, Hero Seguros has insured more than four million people. Of that total, approximately 1.8 million customers were added during 2025 alone, according to Raphael Swierczynski, co-CEO of the company.
