Howden Tiger’s stature in the insurance market isn’t just impressive; it’s record-setting.
Back in 2022, British-based Howden bought out broker TigerRisk for $1.6 billion (a deal that was completed in early 2023), creating yet another merger between the insurance and reinsurance markets. According to Reuters, the combined firm has a revenue of around $400 million – and an all-encompassing global reach.
Speaking to Insurance Business, Oliver Ferrari (pictured), managing director of global programs, said that its growth, coupled with a commitment to putting clients first, only continues to propel Howden Tiger forward. For Ferrari, his role focuses on reinsurance, exploring alternative distributions and new capacities.
“Whether that’s from reinsurance markets, collateralized markets or captives,” he explained. “[It’s about] harnessing new capacity and deploying effectively across the MGA market.”
Addressing the balance between innovation and traditional risks, Ferrari emphasized the centrality of clients in every discussion.
“Innovation without a need causes nothing other than disruption and confusion,” he stated. “Before any innovation agenda is discussed, we will always ask our client one question - what do you deem to be the greatest threats stopping you from achieving your goals? You identify the need, you can use innovation to build the solution while maintaining a focus on that traditional risk. All too often, organizations launch ambitious innovation agendas with nothing other than enthusiasm - without the need, you’ll find yourself neglecting the very foundations of that traditional risk.”
It’s this commitment to a client-centric approach and steadfast innovation that’s ultimately seen Howden Tiger grow exponentially. However, with fast-paced growth comes fast-paced responsibility – especially when stamping out complacency.
“In recent years, we’ve seen huge growth and success – both within the team and the wider organization,” said Ferrari. “That said, I think we are fully aware that if we just replicate that recipe for success year on year, we’re going to ultimately fail. We work in an industry that is forever evolving and unless we do the same, we will fail.”
And change is coming for the reinsurance sector. According to data from Deloitte, demand for catastrophe reinsurance is expected to grow by 15% in 2024, with catastrophes in 2022 causing over $1 billion in losses and ultimately driving up costs by 30.1% in 2023.
“As a company, each and every one of us is empowered to make decisions and adopt change,” added Ferrari. “It’s about committing to three things. Firstly, ownership – owning our specific role in our value chain. Secondly, accountability - be individually accountable to our high standards. Thirdly, execution - taking action with the empowerment we as individuals hold. And we can do those first two, but without that third one it doesn’t come together.”
Looking towards the industry at large, Ferrari discusses the significance of ecosystems, citing major companies like Uber and Airbnb as thriving examples.
“I read an article recently which said that seven out of the 10 largest companies in the world are now classed as their own ecosystems,” he said. “I think it is a very important part - putting the client at the forefront of every decision. To innovate in any particular scenario, we must continue to develop tailored products that truly protect our clients in this environment.”
And Ferrari stressed the importance of maintaining this client-centric approach with constant evolution – especially with the emergence of new insurance purchasing generations such as Gen Z.
“An insurance product that worked for our clients in 2023 is unlikely to be fit for purpose in 2025,” he said. “Not only because of the changing global environment but also our client base and the way they perceive and want to purchase insurance.”
And all of this change is only being compounded by the rise of AI. According to a report from PwC, 86% of insurance companies create better customer experiences with AI, with 75% of them improving their decision making and 75% innovating their products.
“AI is allowing us to make informed decisions in real time now rather than after the event,” said Ferrari. “No longer is hindsight an excuse. It’s got the ability to help shorten response time on active claims, enabling greater efficiencies. It reduces the time we spend on administrative activities as well, so we can spend more time on adding value to our client.”
