Howden has been aggressively growing its underwriting division in recent years. In August 2021, DUAL acquired U.S. underwriter Align Financial Holdings LLC for $800 million, creating a $2 billion revenue managing general agent. In 2023, the company continued its acquisition spree by targeting specialist equine racing insurance companies, including the purchases of underwriter Galileo, the bloodstock division of rival Tysers, and the managing general agent David Ashby Underwriting. Howden also secured a majority stake in Australian bloodstock broker HQ Insurance.
Rising Interest in MGAs
The acquisition of IPP by DUAL UK comes amid a surge in transactions involving MGAs. Market intelligence firm MarshBerry reported 23 such deals in 2023, a significant increase from 13 in 2022. This trend highlights the growing interest in MGAs as key players in the insurance industry.
