Howden
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Sources have pointed to a deal multiple in excess of £360mn for the UK retailer. -
Aon claims PFI head Paul Tubb unlawfully recruited five colleagues for Howden’s construction unit.
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Tom Hoad was previously head of innovation at Tokio Marine Kiln.
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There is much to like in the transaction, but a strategy based on serial mega deals elevates the group’s risk profile.
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The move follows Howden’s recent $1.6bn acquisition of TigerRisk.
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The executive had been CEO of Tiger’s London office since 2019.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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The firm, which has backing from CDPQ, General Atlantic and Hg, has spent $4.8bn across four deals in under two years.
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This publication first revealed that the two parties were working on the deal last month.
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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
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The broker leads a team specialising in the placement of various subsea technology risks.
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Sarah Neild will be based in London and will join Howden in November.
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