Elliot Richardson on Capital, Growth, and Innovation: An Interview with Insurer TV

Ahead of the Monte Carlo RVS 2025, Elliot Richardson, Executive Chairman of Howden Re, spoke with Insurer TV about market momentum, renewed M&A activity, and Howden Re’s extraordinary growth story. In the interview, Richardson underscored how capital, innovation, and talent remain central in shaping both Howden Re’s trajectory and to the future of the reinsurance sector.

Watch the interview here

Lloyd’s at the centre of renewed M&A momentum

The conversation opened with Skyward Specialty’s acquisition of Lloyd’s insurer Apollo, a deal in which Howden Capital Markets and Advisory acted as an advisor. For Richardson, this transaction reflects a broader resurgence of M&A activity.

“Lloyd’s is still really, really valuable,” he said. “We’ve made huge bets on Lloyd’s as a company, and I think you’re going to see more and more of it. Growth is going to be a key theme in Monte Carlo.”

Richardson noted that accumulated blocks of capital are increasingly being deployed in the Lloyd’s market, and Howden Capital Markets and Advisory is positioning itself as a trusted partner in these transactions. Operating across Australia, Asia, Europe, the UK, and the US, the firm’s global capital markets capability is now central to its growth story.

A resurgence of carrier and MGA deals

Beyond Lloyd’s, Richardson sees a wider pipeline of opportunities. He highlighted specialty insurers and high-growth MGAs as attractive targets for acquisitive carriers. “Carriers are going to look at MGAs with high growth as an opportunity to put their paper into it if they acquire those MGAs and accelerate accordingly,” he explained.

While valuations remain a key discussion point, Richardson stressed that price is ultimately relative to strategic fit. “It depends what anything does for your own business,” he said, adding that strong buyer demand means that well-positioned sellers will continue to find opportunities.

Howden Re’s growth trajectory

The discussion turned to Howden Re’s rapid rise. Since the 2023 TigerRisk merger, the firm has almost doubled in size: from $340 million in revenue and 400 colleagues to nearly $700 million and 1,100 colleagues today.

“That’s an extraordinary level of growth,” Richardson said. “But it’s really great because we can keep investing for clients. The industry needs innovation, needs investment, and needs new products. Our growth is helping clients, which we’re thrilled about.”

Talent as a cornerstone of strategy

Talent acquisition and development remain central to Howden Re’s culture. Richardson described a dual focus on attracting senior expertise and accelerating the careers of younger colleagues.

“At Howden Re, if you’re good enough, you’re old enough,” he said. “We’ve built the full stack of capabilities in an extraordinarily short period of time. I have never in nearly 40 years of being in this business seen an array of talent like we’ve assembled.”

He also welcomed competition in the market, describing it as essential for clients and healthy for innovation.

Looking ahead: The next frontier and key themes at Monte Carlo

Richardson pointed to deepening partnerships with global carriers and retail colleagues as the next frontier for Howden Re. Facility-style solutions backed by reinsurance is likely to become a defining theme of the next growth phase.

As for Monte Carlo, Richardson expects capital innovation, specialty lines such as cyber, and rising capital markets participation to dominate discussions. “Clients are under more pressure on the direct side,” he said. “They’ll need to see more from their reinsurance brokers and reinsurers.”