Britain’s Howden buys US reinsurance broker TigerRisk for $1.6 billion

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LONDON, June 9 (Reuters) – British insurance company Howden has acquired U.S. reinsurance broker TigerRisk Partners to create a company with an enterprise value of more than $13 billion, it said on Thursday. .

The purchase price was $1.6 billion, Howden chief executive David Howden told Reuters.

Insurance and reinsurance brokers have merged in recent years to make prices more competitive, although a giant merger between two of the world’s biggest brokers, Aon (AON.N) and Willis Towers Watson, has been blocked by US regulators last year. Read more

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Howden provides insurance and reinsurance brokerage and underwriting services.

The combined company has reinsurance revenue of nearly $400 million, the company said.

The acquisition would create “a business of real scale and global reach”, David Howden said, providing more services to insurers and reinsurers in the face of rising interest rates and inflation in wages and salaries. energy, supply chain issues and the rising cost of natural disasters.

Rod Fox, executive chairman and co-founder of TigerRisk, will become executive chairman of Howden Tiger, Howden said in a statement.

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Reporting by Carolyn Cohn; edited by David Evans

Our standards: The Thomson Reuters Trust Principles.

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