Howden
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed. -
Tension is emerging at the reinsurance level over the retrenchment from all-perils coverage, which previously offered ‘sleep-easy protection’.
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The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.
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David Howden said insurance protection made the global north more able to respond to catastrophes.
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The product protects firms buying carbon credits from third-party negligence and fraud.
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP.
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The appointment to the ILS unit follows news of Howden’s move to buy TigerRisk.
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The broker said the developments could have “huge implications” for capacity, pricing and the market cycle.
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Mary O’Connor joins from KPMG, where she was acting CEO.
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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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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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A takeover would boost Howden’s burgeoning reinsurance portfolio.
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