Howden Group Holdings said it has created the “much-needed fourth global player in the reinsurance market” with an announcement it has acquired TigerRisk Partners to bolster the scale and depth of its offering to the reinsurance and capital markets.
Howden said the buy of Stamford, Connecticut-based TigerRisk, a risk, capital and strategic advisor to the insurance and reinsurance industry, to create newly named Howden Tiger “enhances the credibility, relevance, scale and capability of Howden’s full service offering across insurance, reinsurance, MGA and capital markets. This further consolidates the group’s position as a global insurance intermediary creating a $30 billion GWP business with an enterprise value of over $13 billion, employing 12,000 people across 45 countries.”
The international insurance broking group said the distribution network and reinsurance expertise of Howden Re in international specialty treaty, facultative reinsurance and the MGA sector will accelerate the growth potential of TigerRisk’s leading U.S.-focused reinsurance, capital markets, advisory and technology and analytics offering to meet the rapidly changing demands of large global clients, domestic and regional insurers, MGAs and reinsurers.
“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,” said David Howden, CEO of Howden Group.
“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,” he added. “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.”
The partnership represents nearly $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, Howden said.
Rod Fox, co-founder of TigerRisk, will become executive chairman of Howden Tiger. He said: “All I can say is ‘Wow!’ 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. People want choice, and it is clear that as part of Howden Group all of our existing and future clients, as well as the experienced professionals looking to join our team, will benefit from our distinctively different approach.”
The transaction, subject to regulatory approvals, is backed by Howden’s long-term investors, including General Atlantic, CDPQ, and Hg.
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