Howden Group Holdings has announced a capacity vehicle with capital investment of $84m (£61.5m) in support of Tamesis, the reinsurance division of DUAL Group and the world’s largest international MGA.
Additional capacity has been available since 1 January 2021 and the capital was provided by Howden, and a third party investor.
This transaction represents the first underwriting capital investment for Howden Group.
David Howden, CEO of Howden Group Holdings, 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.”
Richard Clapham, CEO of Dual Group, said: “It’s fantastic that Tamesis are 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.”