Howden Group Holdings yesterday announced an investment of $84m in support of Tamesis DUAL, the reinsurance division of DUAL Group, the world's largest international MGA. This additional capacity has been in place since 1 January 2021 and the capital was provided by Howden Group and a third-party investor.
Mr David Howden, CEO, Howden Group Holdings said in a statement, “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.” The statement does not name the third party nor the amount of investment it is contributing.
Mr Richard Clapham, CEO, DUAL Group, said, “This new binder, supporting this class, gives Tamesis increased capacity in an area which is seeing significantly improved pricing.”
Howden Group Holdings is a leading international insurance group with employee ownership at its heart. Founded in 1994, it comprises Howden Broking, underwriting business DUAL, and data, analytics and digital delivery business HX. HX also houses the Group’s capital markets advisory practice, Howden Capital Markets. Howden Group Holdings’ businesses operate in 40 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand and employ over 6,000 people.
Tamesis DUAL, incorporating Tamesis DUAL Americas, is a global Specialty Excess of Loss Treaty Reinsurance business operating in the London market and the Americas. Tamesis offers reinsurance solutions, including 'blended' or 'composite' and retrocessional products, across all asset based classes including Marine, Offshore Energy, Onshore Energy, Property, Aerospace, Terrorism and War & Political Risks. Established in 2011, Tamesis was the first treaty reinsurance MGA.