Howden
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The broker said the developments could have “huge implications” for capacity, pricing and the market cycle. -
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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Richard Pike joins Howden Re from Berkley Re, where he was responsible for regional ceded reinsurance.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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European loss experience drove the firm’s index back in line with 2014 levels.
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A new report sets out how to scale insurance and capital for environmental protection projects, for a sector estimated to reach $50bn in size by 2030.
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The partnership seeks to help response and recovery organisations manage the “entire lifecycle” of a catastrophe.
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The hire comes after the intermediary agreed to buy Bermudian business Foram.
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Howden said passing risks onto governments would degrade the value of the insurance industry.
