Acquisitions boost growth at Hyperion
Hyperion Insurance enjoyed substantial growth in the 12 months to the end of September 2014 following a year of acquisitions and restructuring.
The gross written premiums of Dual, Hyperion’s underwriting division, increased by 49 percent for the period with revenues up 36 percent.
During the year, Dual launched a simplified worldwide binder structure bringing together $425 million of non-US international capacity in a quota share vehicle. It also continued to diversify its product capability with financial lines now accounting for less than 50 percent of the portfolio.
Its broking division generated revenues of £143.5 million, a 14 percent rise on 2013. Hyperion said this was a result of focusing on investment in infrastructure following 20 years of rapid growth and significant acquisitions.
In the 12 months ending September 30, 2014, Hyperion announced four acquisitions including PGI in the US, Bar-Ziv Ravid in Israel, Colemont in Finland and Donoria in Poland.
Post year-end, the group announced advanced merger discussions with RK Harrison, as well as the acquisitions of Wacolda, Proseguros Corredores de Seguros and NMB in Colombia, UBK in Spain, Powell Bateson in the UK, SSI in Germany, Harmonia in Brazil and CIMB in Malaysia.
David Howden, chief executive of Hyperion, said: “This November marked the 20th anniversary of Hyperion; it has been a remarkable journey with the group now employing over 1,800 people in 90 operations in close to 40 countries around the world.
“With revenues of £200 million, these results are a testament to how far we have come. Our focus on organic growth and selective acquisitions has built a powerful and balanced business across both retail and wholesale broking and underwriting through our managing general agent.
“2014 was another year of continued growth, and it was particularly pleasing that we achieved this against a volatile and challenging global insurance market. Our ability to generate strong organic returns is testament to the quality, breadth and specialism of our offering while our skill in integrating high quality acquisitions has helped us build a truly global business.”
