By Ryan Hewlett
June 30 - (The Insurer) - TigerRisk co-founder Rod Fox is stepping down as executive chair of Howden Re and leaving the broking group, with current international chair Elliot Richardson succeeding him, sources told The Insurer.
$1.6 billion TigerRisk acquisition completed in January 2023
Rod Fox launched Tiger Risk in 2008; rebrand to Howden Re in 2024
Howden Re is fourth-largest ri intermediary (2024 revenue = ~$600 million)
Richardson joined Howden Group following 2015 RKH deal
Broking sources with knowledge of the leadership transition said Fox will leave Howden Re with immediate effect under a long-term noncompete agreement and will maintain any pre-existing shares in Howden Group. A broking source close to Fox said that the 61-year-old is set to retire from reinsurance broking.
Fox, the U.S.-based reinsurance broking entrepreneur who founded TigerRisk Partners in 2008, had served as executive chair of the reinsurance intermediary since the merger of TigerRisk with Howden Re in January 2023.
The London-headquartered Howden group – which benefits from long-term institutional backing from General Atlantic, Hg Capital and CDPQ – confirmed its swoop for TigerRisk in June 2022, a landmark deal which cemented the combined firm as the fourth-largest reinsurance intermediary behind Aon, Gallagher Re and Guy Carpenter.
That deal, which valued TigerRisk at up to $1.6 billion, handed the David Howden co-founded firm renewed expertise and a leadership position in fac, MGA, specialty, capital markets and analytics. The business, formerly Howden Tiger, was officially rebranded as Howden Re in April 2024 in a move designed to cement the Howden brand and bolster exposure in international markets.
Since completion, Howden Re has continued to grow via organic and inorganic means, including through team hires, which have led to legal actions and settlement fees. The reinsurance subsidiary generated $600 million in revenue in 2024, up 30% year on year, and recorded $18.5 billion in handled gross written premium.
Richardson steps into the role as executive chair after more than a decade with Howden Group, most recently as Howden Re vice chair and chair of international.
Richardson joined the business in 2015 following Hyperion's acquisition of London market (re)insurance broker RK Harrison and has been instrumental in the growth of Howden's reinsurance arm.
In a statement to staff on Monday which was seen by The Insurer, Howden Re said Richardson will continue to work alongside CEO Tim Ronda, and vice chair Howden Re and chair, Howden Capital Markets & Advisory Rob Bredahl.
Commenting on the move, Ronda said: We are grateful to Rod for his vision in establishing TigerRisk and his part in creating the outstanding business we have today. As we continue to build on our foundation of talent and a truly differentiated client offering, I am delighted that Elliot has taken on this role".
“Howden Re has attracted a deep set of talented and experienced leaders over the past three years, and we look forward to continuing with industry leading client service and finding new ways to deliver for our clients," Ronda said.
Richardson added: "I am enormously proud of what we have built at Howden Re and honoured to be executive chair supporting Tim and all of our colleagues. Our culture of collaboration, innovation, and investment in talent has enabled us to build a high-performance, high-delivery environment where colleagues are empowered, and clients are valued and served. I'm excited for the future."