Howden Group invests in DUAL’s reinsurance arm
International insurance group Howden Group Holdings has invested $ 84 million to support Tamesis DUAL Ltd (Tamesis), the reinsurance division of DUAL Group – the world’s largest MGA. The transaction is the Howden Group’s first subscription capital investment.
The additional capacity has existed since January 1st, 2021 with the capital provided by the Howden Group and a third-party investor.
David Howden, CEO of Howden Group Holdings, said the investment represents what the group can do for its clients when leveraging in-depth expertise from across the group such as Howden Reinsurance, Howden Capital Markets, Tamesis and DUAL.
“It not only demonstrates our ability to structure innovative underwriting solutions, but also to bring in the highest quality third parties to assist them,” he said. “This deal is our first capital commitment in support of DUAL and I am pleased to welcome a third party investor to join the group on this transaction. We will join Tamesis’ existing partners and expand their already excellent position in the reinsurance market.
“Our investment in talent, as evidenced by our recent appointment of Paul Kneafsey in his role as Group Capital Underwriting Director, is also critical as we begin delivering this capital, starting with supporting Tamesis’ growth plans for 2021. Our goal is to consistently show the value that we bring beyond the transaction as a real differentiator and as a customer champion. “
Richard Clapham, CEO of DUAL Group, commented, “It is fantastic that Tamesis is the first to benefit from this new capital, which testifies to their underwriting acumen and exemplary track record in writing retrocessive excess loss. With this new binder supporting this class, Tamesis is increasing capacity in an area where prices are improving significantly. “