David Howden, CEO, Howden Group
The partnership represents approaching $400m of combined reinsurance revenues
David Howden, CEO, Howden Group said: “ Not only does the combination create an unrivalled digitally driven reinsurance and capital markets business underpinned by a complementary product offering and strong cultural fit, it brings full capability to our diversified and differentiated client offer, creating a fresh alternative of real scale for clients and talent’
lliot Richardson, Chair, Howden RE said: “This partnership immediately creates the global leader in Fac, Capital Markets, MGA, Analytics and Specialty Treaty – the pre-eminent reinsurance and capital markets provider for reinsurance buyers.”
London:
Howden Group Holdings (“Howden Group”), a leading international insurance group, today announced the acquisition of TigerRisk Partners, (“TigerRisk”) the leading risk, capital and strategic advisor to the global insurance and reinsurance industry.
This further consolidates the Group’s position as a global insurance intermediary creating a $30bn GWP business with an enterprise value of over $13bn, employing 12,000 people across 45 countries.
David Howden, CEO, Howden Group said: “TigerRisk has been the standout business and innovator in the reinsurance and capital markets space for many years and the decision to join forces with Howden is a unique opportunity and a game-changer for us and the industry. Not only does the combination create an unrivalled digitally driven reinsurance and capital markets business underpinned by a complementary product offering and strong cultural fit, it brings full capability to our diversified and differentiated client offer, creating a fresh alternative of real scale for clients and talent.”””””’
Rod Fox, Executive Chairman and Co-Founder of TigerRisk Partners, who will now become Executive Chair of Howden Tiger, said: “We have built TigerRisk from the ground up – and this combination allows us to take our global capabilities to the next level while maintaining our entrepreneurial and ‘can-do’ attitude.
Elliot Richardson, Chair, Howden RE added: “This partnership immediately creates the global leader in Fac, Capital Markets, MGA, Analytics and Specialty Treaty – the pre-eminent reinsurance and capital markets provider for reinsurance buyers.”
The combined reinsurance business will be able to meet the rapidly changing demands of large global clients, domestic and regional insurers, MGAs and reinsurers. The partnership represents approaching $400m of combined reinsurance revenues and provides clients with access to 450 experts in a business across more than 30 offices and a track record of delivery in local markets.
The transaction significantly enhances the scale and depth of Howden’s reinsurance and capital markets offering and creates the much-needed fourth global player in the reinsurance market.
This builds on the Group’s global integrated approach and continued commitment to deliver more choice for clients and act as the natural long-term home for talent in the market.
At a time of continuing market disruption, the combination also enhances the credibility, relevance, scale and capability of Howden’s full service offering across insurance, reinsurance, MGA and capital markets.
Howden RE’s global distribution network and complementary data-driven reinsurance expertise in international Specialty Treaty, Fac and the MGA sector will accelerate the growth potential of TigerRisk’s leading US focused reinsurance, capital markets, advisory and technology and analytics offering.
The acquisition represents Howden’s continued investment in the US, focusing on MGA and reinsurance, to support its existing retail, wholesale and MGA clients and follows its recent move to enhance DUAL, its leading specialist general agency and underwriting management group in the US, through the purchase of Align Financial Holdings.
The transaction is backed by Howden’s long-term investors, including General Atlantic (investor since 2013), CDPQ (investor since 2018), and Hg (investor since 2021).
The transaction is subject to regulatory approvals.