Howden Tiger’s Fox: New solutions critical as demand for reinsurance rises
Howden Tiger executive chairman Rod Fox has warned of the critical need to develop products that provide solutions for buyers, following a tightening of terms and conditions that has left many primary carriers retaining large losses in 2023.
Speaking to The Insurer TV in our pop-up studio at the Hôtel de Paris in a joint interview with Howden Group CEO David Howden, Fox said conversations in Monte Carlo have highlighted the underlying demand following a year in which insurers have taken on much more loss than has been the case in the past.
“We’ve got to have products that will work for them and help them in the future,” Fox said.
“In a hard market, the reinsurance sector goes back to a single, basic product. But we are saying no – we are going to be bespoke and create solutions that work for clients. Every case is different, so we are taking a creative approach to each one.”
Fox highlighted the importance for buyers of having a broking partner advocate on their behalf in some of the toughest markets to place business, such as Florida and California.
“They really need somebody – the market is going to sell you a one-size-fits-all product and say there is no solution. But we've got some of the best talent in those marketplaces to deliver the capacity that the clients need.”
Howden “number one” place for talent
An energetic Howden asserted that he believes the group is now “number one for talent” among its broking peers.
“Talent wants to join us, and that's what we want. We want to be number one for our clients. We want the clients to think they can come to us, and that we can offer something refreshing.
“We need capital to come in and we need to develop multiple new products, and for that we need talent. It's about relevance, and I know we're relevant where it counts.”
Talking about the coming together of Howden Tiger, following the completion of Howden Group’s acquisition of TigerRisk back in January, Howden said it was always about creating something “new and exciting”.
“There's people who potentially wouldn't have joined Tiger, and wouldn't have joined Howden, but very much would look to join Howden Tiger. And I think that has played out and from our perspective, as you look at the businesses in the last year, we are trying to build something where we offer something different for people,” he said.
“I think that's played out and we always say, look after our people and look after the clients, and the money will look after itself,” Howden added.
Watch the 10-minute interview with David Howden and Rod Fox to hear more on:
- Alternative solutions for clients as insurers navigate tougher terms and conditions
- Howden Tiger a year on
- The importance of talent and the drive to be “the number one place”
- Future aspirations