Howden takes on Big Three with TigerRisk acquisition

Howden Group has announced the acquisition of TigerRisk Partners. The transaction increases the scale and depth of Howden’s reinsurance and capital markets offering and creates a fourth global player in the reinsurance market, after WTW, Aon and Guy Carpenter.

It will create a $30 billion GWP business with an enterprise value of over $13 billion, employing 12,000 people across 45 countries.

Howden Re’s global distribution network and reinsurance expertise in international Specialty Treaty, Fac and the MGA sector will accelerate the growth potential of TigerRisk’s US focused reinsurance, capital markets, advisory and technology and analytics offering.

’Game-changer’ for reinsurance broking

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.

”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.

“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.”

Creating choice

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.

“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 with David and his team’s boldness. Together, we will be very bold.”

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 transaction is backed by Howden’s long-term investors, including General Atlantic (investor since 2013), CDPQ (investor since 2018), and Hg (investor since 2021). It is subject to regulatory approvals.