Flexpoint Ford has agreed to divest TigerRisk Partners, a US-based risk, capital, and strategic advisor to the insurance and reinsurance industries, to Howden Group.
The financial terms of the deal were not disclosed.
Established in 2008, TigerRisk Partners is also a reinsurance broker. It has offices in Stamford, New York, Minneapolis, Chicago, Raleigh, Bermuda, London, and Hong Kong.
Flexpoint Ford acquired the company in April 2020 for an undisclosed price.
Through the partnership with Flexpoint Ford, TigerRisk Partners is said to have fast tracked the hiring of new talent. It had also grown its employee base by almost 50%, which is claimed to have resulted in annual growth of 25% in revenue.
Rod Fox — TigerRisk Partners co-founder and executive chairman said: “Our partnership with Howden reflects our continued commitment to building a global platform focused on recruiting top-tier talent and deploying world-class technology and analytics to deliver innovative solutions to our clients.
“We have enjoyed the outstanding partnership with Flexpoint Ford and have benefited greatly from their strategic advice during a period of tremendous growth for TigerRisk.”
For Howden Group, the acquisition of TigerRisk Partners considerably improves the scale and depth of its reinsurance and capital markets offering. The transaction is also said to build on Howden Group’s integrated global approach to offer more choices for its clients.
Howden Group added that the acquisition represents its continued investment in the US with a focus on managing general agent (MGA) and reinsurance for supporting its existing wholesale, retail, and MGA clients.
David Howden — Howden Group CEO said: “TigerRisk has been the standout business and innovator in the reinsurance and capital markets space for many years and the decision to join forces with Howden is a unique opportunity and a game-changer for us and the industry.
“Importantly, its evolution mirrors our own journey; from a standing start it has empowered employees through ownership and by taking an entrepreneurial and client first approach, it has delivered phenomenal organic growth and become a genuine market challenger of the highest quality.”
The closing of the deal is contingent on the receipt of customary regulatory approvals.
Flexpoint Ford to sell TigerRisk Partners to Howden Group added by Pallavi Madhiraju on
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