Howden Group Holdings is set to acquire TigerRisk Partners, a risk, capital and strategic advisor to the global insurance and reinsurance industry, to create a US$30 billion gross written premium business.
The acquisition is expected to significantly enhance the scale and depth of Howden’s reinsurance and capital markets offering to create a fourth global player in the reinsurance market.
The transaction will also consolidate the group’s capabilities across its diversified brokerage, managing general agent (MGA), and data and analytics proposition.
Specifically, Howden Re’s global distribution network and data-driven reinsurance expertise in international specialty treaty, facultative and the MGA sector will accelerate the growth potential of TigerRisk’s US-focused reinsurance, capital markets, technology and analytics offering.
The combined reinsurance business, which will operate under the name Howden Tiger, represents almost $400 million of combined reinsurance revenues.
Rod Fox, executive chairman and co-founder of TigerRisk, will assume the position of executive chair at Howden Tiger.
Commenting on the acquisition, David Howden, CEO of Howden Group, says: “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 offering. I am so excited about unlocking the potential of the two businesses and I cannot think of a better place for TigerRisk to continue its incredible long-term journey.”
Fox adds: “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.”
Elliot Richardson, chair of Howden Re, adds: “The combination of our talent, expertise and distribution, underpinned by friendship and trust, means the solutions we can offer clients will be astonishing. This partnership immediately creates the global leader in capital markets, MGA, analytics and specialty treaty — the pre-eminent reinsurance and capital markets provider for reinsurance buyers.”
