Howden backs reinsurance MGA Tamesis Dual with $84m capital investment

Independent insurance broker Howden Broking Group has completed its first underwriting capital investment supporting the growth plans of Dual Group's treaty reinsurance MGA Tamesis.

The company has established a capacity vehicle with a capital of $84 million provided by Howden Group and a third party investor.

The additional capacity has been in place since January 1, 2021.

“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," said David Howden, CEO, Howden Group Holdings. "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.”

Howden added: “The transaction represents what we can now do for our clients when we harness together deep expertise from across the Group – in this instance Howden Reinsurance, Howden Capital Markets, Tamesis, and Dual – with the strength of our balance sheet. 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.

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.”