The additional capacity has been in place since January 01, 2021, with the capital provided by 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 it uses deep expertise from across the group, such as Howden Reinsurance, Howden Capital Markets, Tamesis, and DUAL.
“It demonstrates not only our ability to structure innovative underwriting capital solutions but also to bring in the highest quality third parties to support them,” he said. “This deal represents our first underwriting capital commitment in support of DUAL, and I'm delighted to welcome a third-party investor to sit alongside the group for this transaction. We will join Tamesis' existing partners and enhance their already excellent position in the reinsurance market.
“Our investment in talent, as demonstrated by our recent appointment of Paul Kneafsey in his role as Group Capital Underwriting Director, is also crucial as we begin to deploy this capital, starting with supporting Tamesis' 2021 growth plans. Our ambition is to consistently show the value we bring beyond the transaction itself, as a true differentiator and as a client champion.”
Richard Clapham, CEO of DUAL Group, commented: “It's fantastic that Tamesis is to be the first to benefit from this new capital, which is testimony to their underwriting acumen and their exemplary track record in underwriting retrocessional Excess of Loss. This new binder, supporting this class, gives Tamesis increased capacity in an area which is seeing significantly improved pricing.”