Howden buys TigerRisk Partners in reinsurance and capital markets expansion

TigerRisk Partners has been acquired by Howden Group for an undisclosed amount, subject to regulatory approvals, creating what Howden calls “the much-needed fourth global player" in the reinsurance broking market. The partnership represents about $400m of combined reinsurance revenues. TigerRisk will be rebranded as Howden Tiger. David Howden, CEO of 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. Importantly, its evolution mirrors our own journey; 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 added: “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. 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 broker said the deal “significantly enhances the scale and depth of Howden’s reinsurance and capital markets offering”, and “enhances the credibility, relevance, scale and capability of Howden’s full-service offering across insurance, reinsurance, MGA and capital markets”. It said the acquisition represents Howden’s continued investment in the US, focusing on MGA and reinsurance, to support its existing retail, wholesale and MGA clients. Rod Fox, executive chairman and co-founder of TigerRisk Partners, who will now become executive chair of Howden Tiger, 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. 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 added: “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. “I was immediately impressed by David and his team’s boldness. Together, we will be very bold.” Elliot Richardson, chair, Howden Re, said: “I have been a big admirer of what TigerRisk has built and its achievements; the areas of the market in which it leads are incredibly complementary to our own strengths. 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 specialty treaty – the pre-eminent reinsurance and capital markets provider for reinsurance buyers.”

Howden buys TigerRisk Partners in reinsurance and capital markets expansion

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