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Buyout creates fourth global reinsurance broker

Rod Fox, new executive chairman of Howden Tiger (Photograph supplied)

Global insurance brand Howden Group Holdings has acquired TigerRisk Partners, a risk, capital and strategic adviser with offices in Bermuda.

A spokesman for the company said 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.

Exactly a year ago Howden Re launched Parhelion, an ESG focused insurance carrier.

“At a time of continuing market disruption, the combination also enhances the credibility, relevance, scale and capability of Howden Re’s full-service offering across insurance, reinsurance, MGA and capital markets,” the spokesman said.

“This further consolidates the group’s position as a global insurance intermediary creating a $30 billion gross written premium business with an enterprise value of over $13 billion, employing 12,000 people across 45 countries.”

Howden Re hopes the global distribution network and complementary data-driven reinsurance expertise in international speciality 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 combined reinsurance business aims to meet the rapidly changing demands of large global clients, domestic and regional insurers, MGAs and reinsurers.

The partnership represents almost $400 million 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 acquisition represents Howden Re’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 Re’s long-term investors, including General Atlantic (investor since 2013), CDPQ (investor since 2018), and Hg (investor since 2021).

David Howden, chief executive officer of the Howden Group said joining forces with TigerRisk is a unique opportunity, and a game changer.

“Importantly, its evolution mirrors our own journey,” Mr Howden said. “From a standing start it has empowered employees through ownership and by taking an entrepreneurial and client first approach. It has delivered phenomenal organic growth and become a genuine market challenger of the highest quality.”

He said this combination creates 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,” Mr Howden said. “I am so excited about unlocking the potential of the two businesses and I can’t think of a better place for TigerRisk to continue its incredible long-term journey.”

Rod Fox, executive chairman and co-founder of TigerRisk Partners will now become executive chair of Howden Tiger.

“All I can say is ‘Wow!’ ” Mr Fox said. “This combination is transformational. We will become the difference the market is looking for. The combined entities will have the culture, deep experience and the scale to really benefit our clients and world-class team members. It is a fantastic opportunity that we have been able to make a reality. 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.”

He said people want choice and it is clear that as part of Howden Group all of their existing and future clients, as well as the experienced professionals looking to join their team, will benefit from their “distinctively different” approach.

“I was immediately impressed with David and his team’s boldness. Together, we will be very bold,” Mr Fox said.

Elliot Richardson, chair, Howden Re said he has been a big admirer of TigerRisk.

“The areas of the market in which it leads are incredibly complementary to our own strengths,” Mr Richardson said. “The combination of our talent, expertise and distribution, underpinned by friendship and trust, means the solutions we can offer clients will be astonishing. Our ambition has always been to take a leading position in our chosen markets. This partnership immediately creates the global leader in Fac, capital markets, MGA, analytics and speciality treaty — the pre-eminent reinsurance and capital markets provider for reinsurance buyers.”

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Published June 10, 2022 at 7:55 am (Updated June 10, 2022 at 7:55 am)

Buyout creates fourth global reinsurance broker

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