Howden-Tiger to create ‘largest’ $6bn global MGA business SabRE

Howden Re and  TigerRisk Partners will merge their managing general agency (MGA) operations to create SabRE – the largest MGA/programme broking group globally with over $6 billion of premium.

The creation of the new group will be in place following the completion of Howden’s acquisition of TigerRisk, which is expected to close in Q1 2023, subject to regulatory approval.

SabRE will comprising specialists from Bowood, Howden’s specialist delegated binding authority division, TigerRisk and Howden Re’s coverholder teams.

The leadership team of SabRE will include Michael Jameson and Matt Beard of Howden Re in the US, Bowood’s Stephen Greener and TigerRisk’s Neill Cotton. They will be supported by Ollie Pigeon, Adam Codrington, Mark Sleet, Joe Wakeley, Stuart Beatty, Harry Rokeby-Johnson and Nick Harrap.

Stephen Greener will become chair of SabRE and report to Howden Re Chair Elliot Richardson, who will be vice chair of the merged Howden Tiger entity upon completion of the transaction.

The SabRE team will be supported by Howden Re and TigerRisk's treaty and facultative capabilities, bespoke analytics, investment bank, data and analytics team, and strategic advisory group. Howden Re, TigerRisk and Bowood coverholder teams will align strategies, resources and expertise, but retain independent branding.

The company stated that SabRE will be a core part of Howden’s strategy to enhance the scale and depth of its reinsurance offering, providing a holistic risk, capital and strategic advisory capability that delivers more choice for clients and creates a fresh alternative of real scale and relevance.

Richardson 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.”

Rob Bredahl, CEO of TigerRisk added: “The aligned capabilities of SabRE will produce the only ‘full stack’ reinsurance broker in the MGA and programme marketplace. SabRE will be the leading capacity finder, investment banker and strategic adviser to this rapidly growing and important sector.”

Greener, managing director, Bowood Partners continued: “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.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.