The worldwide reinsurance arm of insurance coverage middleman group Howden is ready to drop Tiger from its title, rebranding to a extra aligned Howden Re and the agency’s capital markets and insurance-linked securities (ILS) specialist unit will turn out to be Howden Capital Markets & Advisory.
Howden acquired reinsurance broking and risk capital advisory TigerRisk Partners in 2022, a transfer that gave the group a a lot bigger scale within the reinsurance and insurance-linked securities (ILS) enviornment.
From April 2024, what was the Howden Tiger reinsurance unit will turn out to be Howden Re, as the corporate continues to unite its broking operations underneath one title.
The corporate defined, “Howden’s reinsurance enterprise has constantly outperformed the market for the reason that firm’s acquisition of TigerRisk in January 2023, cementing its place as a number one international reinsurance dealer. It was the quickest rising reinsurance middleman in 2023, with 25% natural progress for the total yr. Gross written premiums for the yr surged to $14.5 billion, with the division doubling geographic and workplace presence, whereas attracting a number of the {industry}’s main expertise. It now operates by a workforce of almost 900 professionals throughout 30 international locations.”
The dealer mentioned that Howden Re will proceed to supply its purchasers with “a special selection and proposition”, utilising the power of the group’s capital mannequin to “drive value-creating strategic funding and innovation.”
The corporate desires to proceed increasing its reinsurance broking footprint internationally, scaling out merchandise and experience and attracting industry-leading expertise.
It’s the tip of an period for the Tiger title, which has turn out to be synonymous with reinsurance and different capital broking.
However, as Howden units out its stall for the longer term, the Howden Re model now has an opportunity to additional develop the significance of reinsurance and threat capital inside the wider group, whereas the to be named Howden Capital Markets & Advisory will proceed to develop its actions within the ILS and disaster bond area.
Already this yr, we’ve seen the first new cat bond transactions that have featured Howden as sole structuring agent and bookrunner, one thing we anticipate seeing extra of because the group additional builds out its reinsurance franchise and Howden Capital Markets & Advisory advantages from the elevated threat capital and reinsurance exercise inside the wider group.
David Howden, Chief Govt Officer, Howden, commented, “Howden Tiger has confirmed to be each bit as transformational for the {industry} as we envisaged once we introduced the deal almost two years in the past, having seen an unimaginable alternative to create a contemporary different of actual scale for purchasers and a long-term dwelling for expertise. Stand out natural progress has been delivered by bringing the total functionality of our diversified and differentiated shopper providing to bear, with reinsurance as the ultimate pillar of the Group’s structure in place.
“The enterprise will proceed to ship for purchasers underneath the Howden Re title as a part of a single Howden identification.”
Tim Ronda, Chief Govt Officer, Howden Re added, “Howden Re’s purchasers and colleagues are on the centre of our enterprise and success. I’m happy with the unimaginable progress we have now achieved working collectively, which has been considerably enhanced by the power and identification of the Howden Group. It has allowed us to put money into new and deeper capabilities by product and area, responding domestically and globally to the ever-evolving dangers managed by our purchasers. I’m excited to be part of the Howden journey and construct on our status as a number one reinsurance dealer and strategic advisor as we proceed to develop.”
