TigerRisk
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP. -
Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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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 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 spent three years with Aon in Bermuda and New York.
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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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A takeover would boost Howden’s burgeoning reinsurance portfolio.
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TigerRisk Partners has added two new brokers to its delegated authority business, including entering the Australian market as it appointed Simon Chandler as head of reinsurance broking programmes and binders.
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