Leading independent Lloyd’s broker, Tysers has announced the sale of its bloodstock broking team and the bloodstock managing agent, Galileo, to international insurance broker, Howden.
“We had built an exceptional bloodstock business but, as our focus is no longer in this area, we entered a commitment to sell the business including our bloodstock underwriting unit, Galileo, to Howden, with the sale of the broking business completing on 1 February 2023,” said Clive Buesnel, CEO Tysers.
He continued: “We are focusing our efforts on building our core business areas to deliver strategic growth, capitalise on new opportunities and ensure that our client-first approach is at the heart of everything we do. We are delighted to have agreed the deal with Howden as we believe it is the perfect new home for the teams as Howden have extensive existing capability, an outstanding culture and a real passion for Bloodstock.
“Becoming part of the AUB Group marked the start of an exciting future for Tysers. We have joined a company that shares Tysers’ vision of investing in our talented teams and empowering broking operations.”
“The acquisition of Tysers’ bloodstock team and the Galileo underwriting team will be a significant step in our strategy to enhance the scale, depth and expertise of our sport and entertainment specialty practice, of which Equine and Bloodstock are leading components. We will continue to develop our offering by attracting talented individuals to the team, who share in Howden’s commitment to Equine and Bloodstock clients and our passion for the equine world,” added David Howden, CEO, Howden.
Shortly after the acquisition, Howden Tiger then announced the creation of a new broking division, Howden Tiger Fac, which merges Facultative, Consortia, Facilities expertise and Specialty Reinsurance capabilities from across the newly combined business.
Meanwhile, Tysers recently stated that in early 2023 it will welcome more than 20 new hires to the business. According to Tysers, the new hires will join divisions across the business, including North America P&C, Marine & Aviation, Reinsurance and Retail.