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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. -
A takeover would boost Howden’s burgeoning reinsurance portfolio.
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The business specialises in transport, port and logistics risks.
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Axis Capital had emphasized insurance growth and reinsurance remediation in recent earnings calls, but the top line remains below $10bn.
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The sale process is in the early stages of marketing, and bids are expected later in May.
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Plus the latest company results, people moves and all the top news of the week.
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The Bermudian has painted its reinsurance unit in an unfavourable light – and that will be hard to counter.
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Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.
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The deal provides Tysers with much needed stability and a firmer footing from which to tackle its challenges.
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The standalone international reinsurer wrote EUR842mn in premium and booked a 96.6% combined ratio in 2021.
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The Australian buyer’s deal disclosures reveal details around regulatory probes into the London market wholesaler.
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An additional deferred consideration of up to A$176mn may be payable two years after the completion, subject to Tysers reaching agreed revenue targets.
