Seth Ruff, head of structured reinsurance, is set to take on the additional role of head of legacy. The legacy and investment banking divisions have also come under common management, reporting to Jarad Madea, CEO of Howden Tiger Capital Markets & Advisory (HTCMA).
According to Howden Tiger, the new structure will allow the company to offer cross-discipline solutions and a range of options for clients, such as the sale of a legal entity versus the purchase of a reserve cover.
“This is a simple case of ‘more powerful together’,” said Howden Tiger CEO Rob Bredahl in a release. “This combination allows us to bring even more horsepower to our clients at the intersection of capital and risk.”
The announcement comes after the October 2022 appointment of 30-year industry veteran and former Munich Re Capital Partners head Ken Kruger as a senior broker specialising in legacy and structured reinsurance.
Additionally, the merger of TigerRisk and Howden has resulted in a “more significant” legacy operation in London that consists of capital solutions experts such as Kevin Soopen, Vijay Mavani, and David Watson.
The legacy division at Howden Tiger is run by experienced brokers and actuaries in London and the US, advising clients in the design and execution of loss portfolio transfers, adverse development covers, reinsurance to close, Part VII transfers, and other insurance business transfer transactions. Combined with HTCMA, this team will now comprise over 30 professionals across the London, New York, and Minneapolis offices.
“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,” Madea said. “These projects revealed the powerful, complementary nature of our combined team.”
“It has been clear for some time that the teams operate in the same marketplace, but with different tools,” Ruff added. “Together we will deliver a seamless offering across the full spectrum of capital solutions.”
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