Howden indicators $1.6bn takeover deal for TigerRisk Companions

UK’s Howden Group Holdings has reached a $1.6bn deal to purchase Connecticut-based reinsurance dealer TigerRisk Companions, resulting in the formation of a $30bn broking powerhouse.

The merged entity is alleged to be the fourth largest reinsurance participant throughout the globe, with reinsurance revenues of round $400m.

Established in 2008, TigerRisk has a presence in New York, Bermuda, London, Hong Kong, Minneapolis, Chicago, and Raleigh along with its Stamford base.

A press release from personal fairness agency Flexpoint Ford mentioned that TigerRisk ramped up hiring during the last two years, rising its employees headcount by virtually 50% and its annual income by 25%.

The acquisition of TigerRisk is alleged to spice up the size of Howden’s reinsurance and capital markets proposition. 

It continues Howden’s progress trajectory within the US. This contains the takeover of Align Monetary Holdings by way of its underwriting unit DUAL.

Howden RE chair Elliot Richardson mentioned: “This partnership instantly creates the worldwide chief in Fac, Capital Markets, MGA, Analytics and Specialty Treaty – the pre-eminent reinsurance and capital markets supplier for reinsurance consumers.”

With an enterprise worth of over $13bn, the mixed enterprise may have a workforce of 12,000 and a presence throughout 45 international locations.

The deal, which awaits regulatory clearance, is backed by Howden’s traders, together with Basic Atlantic, Hg in addition to CDPQ.

Howden Group David Howden CEO known as the acquisition a ‘game-changer’.

“Not solely does the mixture create an unrivalled digitally pushed reinsurance and capital markets enterprise underpinned by a complementary product providing and robust cultural match, it brings full functionality to our diversified and differentiated shopper supply, making a contemporary various of actual scale for purchasers and expertise,” he famous. 

As a part of the transaction, TigerRisk govt chairman Rod Fox will proceed in his current function at Howden Tiger.

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