We’re delighted to let you know that Howden’s acquisition of TigerRisk completed yesterday and our two companies finally become one. Together, we become the world’s fourth largest global reinsurance broker.
A global reinsurance force
Howden Tiger will be the pre-eminent risk, capital and strategic advisor for the modern day client and a leader in Fac, MGA, Treaty, Capital Markets and Analytics. The combined reinsurance business will be able to meet the rapidly changing demands of large global clients, domestic and regional insurers, MGAs and reinsurers. The partnership represents approaching $400m 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.
In particular, the exceptional combination of Bowood (Howden’s specialist delegated binding authority division and already the leading binding authority broker to Lloyd’s), TigerRisk and Howden RE’s Coverholder teams, and underpinned by data and analytics, means we will have the largest programme, MGA and delegated binding authority capability in the world, placing $6bn in premium. This offering is called Howden Tiger SabRE.
We believe the reinsurance industry needs a strong global alternative to the status quo to support its complex needs and execute solutions flawlessly. Howden Tiger has been created for this very purpose.
Howden Group is a leading international insurance group with employee ownership at its heart. Founded in 1994, the Group comprises Howden, the international insurance broker, and DUAL, one of the world’s largest MGAs. In the last 24 months, we have more than doubled our revenue to approaching £2bn, with organic growth at 19%, and more than doubled the number of employees to 13,000. We handle $30bn of gross written premiums that will be delivered into the global insurance and reinsurance markets.
Sustainable growth and resilient capital model
We are accelerating forward by executing on our growth ambitions for the business, by capitalising on the incredible opportunities the market has presented and through our unique capital model of 3,500 employee shareholders that sit alongside our three long term growth partners General Atlantic, CDPQ and Hg.
Leading position in the UK
We are a major force in UK retail and specialty insurance broking and benefits, further to A-Plan and Aston Lark joining the Group. We have secured a dominant position in our home market, with over 6,000 employees across 160 offices across UK and Ireland. We are the fifth largest employee-owned company in the UK.
Long-term commitment to the US
With the acquisition of US MGA Align in 2021, the Group’s underwriting arm, DUAL, continues to be a world leader in the MGA sector with US$2.7 billion of GWP, 50% of which is in the US, and a presence in 18 locations across the Americas.
As a Group, we have strong and long-term relationships with our US retail broker partners and are a top three insurance premium provider to Lloyd’s, driven largely by US business. Today, just under 40% of the Group’s GWP comes from the US and Tiger Risk will add further weight to this commitment.
Howden Tiger builds on the Group’s continued commitment to deliver more choice for clients and act as the natural home for talent looking to work for a company with purpose and a unique culture where they can build a business for the long term. Our fast-growing European platform, and our leading and growing positions across all our markets around the world has been made possible by high-quality, independent businesses partnering with us to continue their growth story. Howden Group has a presence in 45 countries around the world.
We are determined to see our industry playing its part in being a “force for good” in the world, by putting purpose before profit and remaining relevant to clients as they look for support in understanding the risks of tomorrow and building resilience in their organisations.
Please see the link for an overview of Howden Tiger