The global reinsurance arm of insurance intermediary group Howden is set to drop Tiger from its name, rebranding to a more aligned Howden Re and the firm’s capital markets and insurance-linked securities (ILS) specialist unit will become Howden Capital Markets & Advisory.
Howden acquired reinsurance broking and risk capital advisory TigerRisk Partners in 2022, a move that gave the group a much larger scale in the reinsurance and insurance-linked securities (ILS) arena.
From April 2024, what was the Howden Tiger reinsurance unit will become Howden Re, as the company continues to unite its broking operations under one name.
The company explained, “Howden’s reinsurance business has consistently outperformed the market since the company’s acquisition of TigerRisk in January 2023, cementing its position as a leading global reinsurance broker. It was the fastest growing reinsurance intermediary in 2023, with 25% organic growth for the full year. Gross written premiums for the year surged to $14.5 billion, with the division doubling geographic and office presence, while attracting some of the industry’s leading talent. It now operates through a team of nearly 900 professionals across 30 countries.”
The broker said that Howden Re will continue to provide its clients with “a different choice and proposition”, utilising the strength of the group’s capital model to “drive value-creating strategic investment and innovation.”
The company wants to continue expanding its reinsurance broking footprint internationally, scaling out products and expertise and attracting industry-leading talent.
It’s the end of an era for the Tiger name, which has become synonymous with reinsurance and alternative capital broking.
But, as Howden sets out its stall for the future, the Howden Re brand now has a chance to further grow the importance of reinsurance and risk capital within the wider group, while the to be named Howden Capital Markets & Advisory will continue to expand its activities in the ILS and catastrophe bond space.
Already this year, we’ve seen the first new cat bond transactions that have featured Howden as sole structuring agent and bookrunner, something we anticipate seeing more of as the group further builds out its reinsurance franchise and Howden Capital Markets & Advisory benefits from the increased risk capital and reinsurance activity within the wider group.
David Howden, Chief Executive Officer, Howden, commented, “Howden Tiger has proven to be every bit as transformational for the industry as we envisaged when we announced the deal nearly two years ago, having seen an incredible opportunity to create a fresh alternative of real scale for clients and a long-term home for talent. Stand out organic growth has been delivered by bringing the full capability of our diversified and differentiated client offering to bear, with reinsurance as the final pillar of the Group’s architecture in place.
“The business will continue to deliver for clients under the Howden Re name as part of a single Howden identity.”
Tim Ronda, Chief Executive Officer, Howden Re added, “Howden Re’s clients and colleagues are at the centre of our business and success. I am proud of the incredible growth we have achieved working together, which has been significantly enhanced by the strength and identity of the Howden Group. It has allowed us to invest in new and deeper capabilities by product and region, responding locally and globally to the ever-evolving risks managed by our clients. I’m excited to be a part of the Howden journey and build on our reputation as a leading reinsurance broker and strategic advisor as we continue to grow.”
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