Howden RE has swooped on Gallagher Re for senior producer Martin Ford shortly after his former retro specialist colleague James Troughton has tendered his resignation from the intermediary and been linked with a move to TigerRisk, The Insurer can reveal

Howden RE, TigerRisk and Gallagher Re

The hires at Howden RE and TigerRisk come ahead of the firms’ $1.6bn combination and will see the two colleagues reunited once the deal completes.

Both Ford and Troughton joined Gallagher Re when the intermediary acquired Willis Re last year.

Bermuda-based Troughton joined the intermediary in 2011 and most recently held the role of executive vice president.

TigerRisk recently also added Jamie Cooney to its Bermuda office, with the retro and ILW specialist joining from Aon.

In an interview with The Insurer on the sidelines of the Monte Carlo Rendez-Vous, Howden RE CEO Bradley Maltese said the combined Howden Tiger will keep recruiting post-completion as it seeks to further cement its top four reinsurance broking position.

Maltese highlighted the complementary nature of the TigerRisk transaction, with a relative lack of integration required compared with other major M&A deals.

The hires come against the backdrop of a market which is continuing to harden amid limited supply. 

As this publication has reported, the hard property retrocession sector – which had formed one prong of the so-called “U-shaped” market over the last few years – is showing no sign of any easing that would relieve pressure on the now fast-hardening property reinsurance market.

In a recent report, Guy Carpenter observed that the hardening pressures in the property retro market seen at 1 January have been sustained through 2022, with capacity for aggregate and low-attaching occurrence layers remaining tight in contrast to less supply constraints for layers further up the tower.

Rival Aon added that the retro market “continued to retrench” in 2022, with increased pricing and higher retentions, leading reinsurers to turn to the ILS market as a source of alternative retro protection.

Howden RE and Gallagher Re declined to comment on this article.

TigerRisk was not immediately available for comment.