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Howden acquires US risk adviser

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Howden Group is acquiring TigerRisk Partners, a US-headquartered risk and strategic adviser to the global and reinsurance industry.

It says the deal, which is subject to regulatory approvals, will further consolidate the group’s position as a global insurance intermediary with $US30 billion ($43 billion) in gross written premium and 12,000 employees across 45 markets.

“The transaction significantly enhances the scale and depth of Howden’s reinsurance and capital markets offering and creates the much-needed fourth global player in the reinsurance market,” Howden Group said in a statement.

“This builds on the group’s global integrated approach and continued commitment to deliver more choice for clients and act as the natural long-term home for talent in the market.”

Howden Group CEO David Howden says the acquisition is a “game changer” for the business and the industry.

“TigerRisk has been the standout business and innovator in the reinsurance and capital markets space for many years and the decision to join forces with Howden is a unique opportunity and a game-changer for us and the industry,” Mr Howden said.

“Not only does the combination create an unrivalled digitally driven reinsurance and capital markets business underpinned by a complementary product offering and strong cultural fit, it brings full capability to our diversified and differentiated client offer, creating a fresh alternative of real scale for clients and talent.”

Howden says the acquisition represents its continued investment in the US, focusing on MGA and reinsurance, to support its existing retail, wholesale and MGA clients.

The investment follows its recent move to enhance Dual, Howden’s specialist general agency and underwriting management group in the US, through the purchase of Align Financial Holdings.