Hyperion acquires surety broker PMG
Insurance company Hyperion has acquired surety broker, PMG Financial Services.
The firm said the deal will offer it an opportunity to expand in the surety market, especially through its subsidiary RKH Specialty, the specialty lines broker.
“PMG’s considerable experience in arranging solutions for the world’s largest corporations, and reputation for handling the most complex bond needs, will provide the platform for RKH Specialty to become a market-leader in this niche specialism,” said Barnaby Rugge-Price, chief executive officer of RKH Specialty.
“Combine this with the already strong international presence of the Howden network and the Group has real potential to become the leading international Surety broker.”
Rugge-Price also said RKH Specialty particularly wants to focus on the financial risks sector.
Paul Philand, managing director of PMG, added: “RKH Specialty, and the wider Hyperion Insurance Group, offers a unique opportunity to grow the business both by enhancing the offering to existing clients, with access to the greater resources of the wider Group, and by reaching new clients through the international broking network.”
“I am extremely proud of PMG’s achievements over the past 15 years and am convinced Hyperion’s employee-ownership model and entrepreneurial culture will allow the business to thrive in its next stage of growth.”
As global practice leader for Surety within Hyperion, Philand will work closely with Hyperion’s retail broking business, Howden, which has the largest independent retail broking network outside of the US, and underwriting arm, DUAL, using his expertise to advise on opportunities across the Group.
