The broker explains that its IGM division, which is led by Sonia Caamaño, builds and scales fast-growing businesses, and generated 16% p.a. average organic growth over the past three years as it prepares these businesses for integration into their regional structures.

Howden says that the success of this approach means that it will now “align the IGM businesses with their respective regions to serve clients and insurer partners even more effectively.”

This includes the creation of a new EMEA broking region, which brings the firm’s MEA businesses, including the UAE, Bahrain, Oman, Tanzania, South Africa, and its newly launched arm in the Kingdom of Saudi Arabia, in alignment with the Howden Europe business.

Luigi Sturani will serve as Chief Executive Officer (CEO) of EMEA, and Richard Mockett, CEO, MEA, will report to Sturani. Additionally, Paul Redgate will serve as Chairman, MEA, alongside his role as Chairman, Specialty.

The structural changes also aim to strengthen Howden’s business in the Americas, with the firm highlighting a “significant opportunity to align more closely for clients in the Americas by ensuring all Howden’s expertise and capabilities are available to them”.

In light of this, Mike Parrish has been appointed CEO, Americas, while Caamaño will lead Latin America and Caribbean as CEO, reporting to Parrish. As Howden looks to bring its capabilities to meet the ever-increasing demand for specialty expertise, Caamaño will lead the delivery of this to clients while driving collaboration with Howden’s newly established US retail business, also led by Parrish. Additionally, Caamaño will be supported by José Ignacio Lathrop once he assumes his role as Executive Chairman, Latin America.

The broker has also decided to align its business in India, led by Amit Agarwal, with the Asia region, led by Rohan Bhappu as CEO Asia. Additionally, Paul Redgate will take on the role of Chairman, Howden India.

David Howden CBE, CEO, Howden, commented: “As we continue to attract talent, aligning them to deliver to our clients is our priority. These changes reflect our continued commitment to get into the right shape, with the right talent in the right places for where clients need us today, and where they will need us next.

“Howden Americas, under Mike’s leadership, will bring together the exciting new retail broking operations in the US with our fast-growing business in Latin America. IGM has been a trailblazer in fast-growing markets for the past three years thanks to Sonia’s leadership, and I am delighted that she will now lead Latin America and Caribbean in this next phase. Luigi has significant experience of working in MEA and his leadership and experience will help Richard Mockett and his team as they move into a new growth phase. And Rohan has worked in India and knows many of the Howden team from his previous roles. These appointments are testament to the strength of our leadership group and together, they position us strongly for the next phase of growth.”

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This team will sit alongside Howden’s existing global expertise, including its Capital, Advisory and Placement (CAP) team. The pair will be responsible for establishing and managing how Howden serves the private capital sector globally.

The broker explained that clients in this sector have unique needs for tailored risk advisory and insurance solutions that support them throughout the investment lifecycle.

The broker’s capabilities were recently strengthened by the acquisition of Atlantic Global Risk, an independent transactional liability insurance broker in the US, and by a series of strategic appointments in its Asian transactional liability team.

Almond has over 18 years of experience advising private capital investors on M&A, risk mitigation and transfer to resolve their portfolio company operational risks. Most recently, she served at Marsh as the Chief Client Officer.

Doria is a 25-year private equity insurance industry veteran and was formerly the Managing Director and Vice Chairman, Global and International Private Equity of Marsh. In the role, he advises boards, CEOs and CFOs, financial sponsors and corporates.

David Howden, CEO and Founder, Howden, commented, “What sets Howden apart is our ability to attract and harness the best expertise in the market across the world. With Emily and Sebastiano, we continue to strengthen our global service for private capital clients, building on our recent investment in talent in the US and Asia and our existing strong transactional liability capabilities.”

Sarah Hughes, CEO, Howden Specialty, added, “I am delighted that Emily and Sebastiano have chosen to join Howden to help us design a coordinated global offering for this important sector. It is a further example of our commitment to investing in the very best talent across the globe.”

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In his new role, McGee will oversee engagement with Howden’s insurer partners. His proven track record in delivering strategic and commercial value positions him to continue developing the firm’s UK&I Retail business.

He has spent over six years at Howden, joining in 2019 in Portfolio Solutions and Market Management. Most recently, he served as Chief Operating Officer at Howden Markets, where he was instrumental in expanding the division’s remit to include Group Placement.

Before joining Howden, McGee held a position in Portfolio Solutions and Market Management at Jardine Lloyd Thompson.

Earlier in his career, he was Senior Underwriter – Mapledown LLP at Lockton, and also held roles at Insight First and RSA.

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Dalrymple will support Howden’s growth ambitions, bringing over 25 years of legal leadership across the insurance and financial services sectors, alongside extensive experience in public company governance, private equity, and capital markets.

He joins Howden after more than 20 years in senior roles at Alleghany Corporation, a re/insurance holding company and former NYSE-listed firm acquired by Berkshire Hathaway in 2022.

As Alleghany’s General Counsel, Dalrymple led international legal teams, advised the Board and CEO on governance and strategic initiatives, and played a key role in major transactions, including complex mergers, acquisitions, and public offerings. His appointment follows the recent arrival of Susan Panuccio as Group Chief Financial Officer at Howden.

David Shalders, Group Chief Operating Officer, Howden, commented: “Howden’s ability to attract the very best talent is what sets us apart. Finding a trusted adviser to guide and grow our business as we deliver our ambitious plans is critical.

“After a long and careful search, I am delighted that in Chris we have found an incredibly well-respected legal leader with sharp commercial acumen, deep insurance and reinsurance experience and a proven track record of leading through transformation and growth, including taking companies public. I’m very much looking forward to working with him as we continue to build Howden and continue our growth trajectory.”

Dalrymple added: “After an enjoyable and rewarding 24 years at Alleghany, the opportunity to join Howden for the next ambitious chapter of its growth is truly exciting. The strength and depth of Howden’s talent is impressive, and I am eager to now be a part of it. Howden has a special culture, energy and client focus that I look forward to supporting as part of the experienced and talented legal team already in place.”

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Howden said the initiative further strengthens its global capabilities in supporting Japanese-led construction and infrastructure projects worldwide.

It was established in response to the significant and growing volume of Japanese investment in major global infrastructure and construction projects, particularly across Asia Pacific, North America, and the Power & Energy and Civil Construction markets.

Nobuyuki Akahane joins as Head of Japanese Construction, alongside Masami Ono in a senior role. Both are based in Howden’s London office within the International Construction team.

In their roles, Akahane and Ono will focus on supporting Japanese-led construction and infrastructure activity worldwide, enhancing Howden’s proposition in the power, energy and civil engineering sectors, expanding international capabilities, and strengthening cross-selling opportunities across the broader Howden Group.

They bring extensive sector expertise, strong technical credentials and deep client relationships, having supported Japanese corporations on complex multinational risks throughout their careers. Akahane joins Howden from Price Forbes, where he served as Japan CEO.

Howden said their appointments enhance its ability to deliver specialist solutions for Japanese clients across multiple jurisdictions, while creating new opportunities for cross-border collaboration across its broader network.

Naresh Dade, Managing Director and Global Practice Leader for Construction & Infrastructure Assets, said the launch marks a significant milestone for Howden and supports the continued expansion of its international construction capabilities and its commitment to Japanese clients worldwide.

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Cheryl is joining Howden following a ten-year tenure at Marsh Asia, where she most recently served as Vice President.

She initially joined Marsh Asia in 2015 as a Client Manager, and was later appointed Assistant Vice President.

Prior to that, the executive spent over a year at Chubb, where she worked as a Multinational Servicing Unit Executive.

Commenting on her appointment, Hamish Ravindran, Chief Client Officer at Howden, said: “Cheryl brings over a decade of multinational experience in Hong Kong, partnering with large, complex organizations to manage cross-border programs and global insurance structures.

“She is technically strong, commercially sharp, and deeply client-focused — exactly the kind of leadership we’re building around.”

He added: “I’m personally looking forward to working closely with her as we continue to elevate our offering and deliver even greater value to our multinational clients.”

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HCMA noted that catastrophe bond issuance reached record levels in 2025, with volumes approximately 45% higher compared to 2024, driven by an increased number of transactions. Both new and repeat sponsors reinforced catastrophe bonds as an integral element of global risk transfer, rather than a specialist alternative.

Investor demand kept pace with this growth. Strong appetite, combined with a wave of second-half maturities, drove double-digit spread tightening by year-end, while pricing remained attractive for both sponsors and investors. Increasingly competitive economics, often relative to traditional reinsurance, accelerated catastrophe bonds’ evolution into structural anchors within reinsurance programmes.

Mitchell Rosenberg, Co-Head Global ILS, commented, “What we saw through 2025 and into the January renewals was catastrophe bonds firmly establishing themselves as a core component of clients’ risk management frameworks. Sponsors are no longer using the market solely to supplement capacity; instead, they are leveraging it to introduce durability, diversification, and pricing clarity into their reinsurance strategies – shifting from a more tactical to a clearly strategic use of capital markets capacity.”

Jarad Madea, CEO of Howden Capital Markets & Advisory, added, “These renewals underline how closely capital markets and reinsurance outcomes are now linked. As the market rebalances, the ability to connect traditional reinsurance with ILS, catastrophe bonds and collateralised structures is no longer optional. It is central to building resilient, efficient programmes in a more competitive environment.”

HCMA said investor sentiment across reinsurance and insurance-linked securities (ILS) strengthened further in 2025, supported by attractive risk-adjusted returns and growing institutional confidence in the asset class.

As appetite broadened, investors increasingly sought diversification beyond peak catastrophe risk, including non-cat exposures and alternative structures.

HCMA revealed that throughout 2025, market discussions focused on capital inflows, the risk of market softening, and the sustainability of underwriting discipline. Investors exhibited a preference for structured investments, driven by a desire for contractual yield, downside protection and transparency.

Strategic partnerships between asset managers and re/insurers also deepened, reflecting longer-term alignment around underwriting expertise and float management.

“We are seeing a fundamental shift in how institutional investors approach this market,” said Cate Kenworthy, Managing Director, Howden Capital Markets & Advisory. “Capital is no longer chasing headlines or single events. Rather, investors are building long-term allocations with clear expectations around diversification, structure, and underwriting quality. The focus has moved from deployment to sustainability, and we view this as a healthy evolution for the asset class.”

Madea concluded, “Capital deployment and deal activity are expected to be shaped by heightened investor selectivity, fund life-cycle pressures and continued innovation in capital structures. As catastrophe bonds further entrench themselves as structural anchors within reinsurance programmes and more capital targets the sector, sustained performance will depend on disciplined underwriting, rigorous reserving and clear alignment between risk carriers and investors. In this environment, transparency, execution certainty and well-structured risk transfer will be increasingly critical as the reinsurance and ILS market continues to evolve.”

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Ping Li has more than 15 years of experience across the insurance and reinsurance sectors and has been part of Howden’s China team for five years.

During that time, she has contributed to the development of the local business. In her expanded role, she will lead strategic planning, oversee operations, and drive growth initiatives across Mainland China.

“China is a critically important and dynamic market for Howden Re and we are thrilled to appoint Eva within our leadership pipeline to this critical role,” commented Cynthia Cui, Head of Fac APAC at Howden Re.

David Wall, Chief Operating Officer – International Growth Markets & HIBL International Hubs, added: “Eva’s deep understanding of the local business landscape combined with her intensive knowledge and strategic vision will be instrumental to guide the China business into its next phase of growth.”

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The offering was conducted under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the U.S. Securities Act).

The additional notes were issued at 101.875% for gross proceeds of approximately $703 million.

These proceeds will be used to further strengthen the company’s funding for future growth investments, according to the announcement.

The additional notes are anticipated to be listed on the Official List of The International Stock Exchange.

Mark Craig, Group Chief Investment Officer, Howden, commented: “I’m delighted with the outcome and strong support from the capital markets. This successful transaction follows our high yield bond issue in February 2024.

“We received strong demand and priced the offering above par, benefitting from continued confidence among credit investors in Howden’s sustained performance and growth plans.”

Howden also recently successfully repriced and upsized its debt facilities, totalling approximately US$3 billion, a move that aims to support global expansion.

This significantly lowers the group’s borrowing costs, with interest margins in its USD and EUR term loans cut by 75 and 25 basis points, respectively.

The €1 billion EUR Term Loan B facility was also refinanced, with the margin reduced by 25 basis points to 325 basis points over EURIBOR.

In parallel, the facility was expanded by €160m to €1.16bn, reflecting investor demand. The increase provides additional liquidity to support future growth plans.

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In his new role, Hewitt will continue to focus on growing Howden’s M&A solutions platform in Japan. He will work closely with Japanese clients on outbound transactions, as well as with overseas investors entering Japan, helping them manage transactional risks through tailored solutions.

Hewitt joined Howden in June 2025 as Head of M&A (Japan). Prior to that, he served as Representative Director and Japan Country Manager at BMS Group.

Hewitt also brings a strong legal background to his role, having served as Associate General Counsel at Marelli, where he was accountable for the legal sub-team within its Legal & Compliance function.

Previously, he held several senior legal roles at Colt Technology Services, MinterEllison, Morrison Foerster, and Jones Day.

Kentaro Tada, CEO of Howden Group Japan, said, “We are delighted to see Tim step into this new leadership role. He has played a central role in shaping our M&A solutions in Japan and has contributed greatly to connecting Japanese clients with overseas markets. His appointment will further strengthen our international strategy, including the continued expansion of our M&A offering.”

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