Howden Tiger, the reinsurance arm of the Howden Broking Group, has brought together its Legacy and Investment Banking operations under the combined leadership of Jarad Madea, CEO, Howden Tiger Capital Markets & Advisory (HTCMA).
The broker also announced that Seth Ruff, Head of Structured Reinsurance, has taken on the additional role of Head of Legacy for Howden Tiger.
The move is expected to allow the firm to provide cross-discipline solutions to its clients, enhancing the range of options available and the company calls it “a significant step in Howden Tiger’s strategy to align its expertise and experience.”
Combining Legacy and Investment Banking under the one Capital Markets & Advisory focused unit will also deliver synergies with external capital sources, given the HTCMA team’s work with insurance-linked securities (ILS) fund markets and third-party reinsurance capital investors.
The Howden Tiger team focused on Legacy in the London market also has deep experience in capital solutions including Funds at Lloyd’s (Lloyd’s FAL), another area we’ve seen third-party and ILS capital participating over the years.
Capital is vital in the legacy marketplace of insurance and reinsurance, with deals increasingly sizeable and external investors often participating.
Legacy deals are another source of insurance-linked returns and in recent years we’ve seen ILS funds and investors taking on portfolios of legacy risk, as well as legacy focused reinsurance sidecars formed.
As a result, the investment banking and capital markets structuring expertise, as well as investor relationships, of the HTCMA team will now be more closely linked to the Howden Tiger Legacy broking team.
Rob Bredahl, CEO, Howden Tiger, explained, “This is a simple case of ‘more powerful together.’ This combination allows us to bring even more horsepower to our clients at the intersection of capital and risk.”
Jarad Madea, CEO, HTCMA, added, “The Legacy and Investment Banking teams have a long history of collaboration, with more than 25 recent projects where together we explored a range of solutions from M&A to capital raising and sidecar formation to legacy reinsurance solutions. These projects revealed the powerful, complementary nature of our combined team.”
Seth Ruff, Head of Legacy and Structured Reinsurance, also commented, “It has been clear for some time that the teams operate in the same marketplace, but with different tools. Together we will deliver a seamless offering across the full spectrum of capital solutions.”
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