Howden
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This publication first revealed that the two parties were working on the deal last month. -
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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It is understood that Gallagher dropped out of the race weeks ago as the company lost interest in the Peruvian retail broker.
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The potential deal has major advantages for both Howden and its target – and would remove a major consolidation opportunity from the market.
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Marie Gustafsson will join as CEO of Howden Sweden, while Kristoffer Haleen has been appointed as executive director of the board.
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A takeover would boost Howden’s burgeoning reinsurance portfolio.
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Howden said the platform improves efficiency and data capture for both carriers and brokers, with savings passed on to clients.
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The news comes less than two weeks after the broker became part of Howden Group in a £1.1bn deal.
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The new lead underwriter has almost 30 years’ experience including stints at Chubb, Faraday and Howden.
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Cabot Square Capital previously owned a stake in the business.
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