Howden Re, a global reinsurance broker, is to create a global MGA business Howden Tiger SabRE (SabRE) in partnership with TigerRisk.
According to a report by Reinsurance News, SabRe will come into operation following the completion of Howden Group’s holdings’ acquisition of TigerRisk. The acquisition is expected to close in the first quarter of 2023, subject to regulatory approval.
Founded in 1994, Howden Group comprises Howden the international insurance broker, and DUAL, an international MGA.
TigerRisk, founded in 2008, is a risk, capital and strategic advisor to the insurance and reinsurance industries, with officers in the US, Bermuda, the UK, and Hong Kong.
The announcement of Howden’s acquisition of TigerRisk was made earlier this year. At the time, Howden said the transaction will bolster the scale and depth of its reinsurance and capital markets offering and will create a fourth global player in the reinsurance market. Moreover, it consolidates the groups position as a global insurance intermediary, offering services across insurance, reinsurance, MGA and capital markets.
The new group, SabRe, will bring together specialists from Bowood, Howden’s specialist delegated binding authority division, as well as TigerRisk and Howden RE’s coverholder teams.
The business will reportedly place a combined $6bn of gross written premium (GWP), making it the largest MGA/programme broking group globally.
Elliot Richardson, chair, Howden RE said, “MGA and Programme broking is part of our DNA and with the combination of our teams at Howden RE, TigerRisk and Bowood we will create an industry first with SabRE.
“SabRE will have a combined offer of unrivalled depth, scale and expertise and be a core part of what we will be building with TigerRisk – a leading position in our chosen markets and a superior offering for the modern client.”
Stephen Greener, managing director, Bowood Partners added, “We are excited to be a part of the creation of a world-leading MGA/Programme business. SabRE’s combined talent and expertise is a true differentiator in the market and will provide clients as well as London market and global capacity providers with further opportunities to grow.”
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