3 March 2015 Insurance

Hyperion unveils details of RK Harrison acquisition

Hyperion Insurance is set to acquire RK Harrison following approval by the companies’ respective boards and shareholders.

Hyperion will acquire 100 percent of the share capital of RK Harrison, with the combined group owned 70 percent by its employees. General Atlantic, Hyperion’s external shareholder, will retain its 30 percent share.

According to Hyperion, the newly-merged business will have projected annual revenues approaching £400 million and EBITDA of £100 million with close to 3,000 employees across 121 offices in 37 countries.

Hyperion will remain the parent company of the combined group, with David Howden continuing as chief executive officer. He will lead Howden International, the combined group’s international broking businesses, comprising operations in Europe, Asia, Middle East and India, Latin America and Iberia.

Dominic Collins will be appointed executive chairman of Hyperion. He will also lead Howden UK Group, the combined group’s UK broking business, which will comprise: Howden UK, to be headed by Adrian Colosso; RKH Specialty, to be headed by Barnaby Rugge-Price; and RKH Reinsurance, to be led by Elliot Richardson.

Shane Doyle will continue to lead DUAL, the combined group’s specialist MGA which will also comprise Aqua, RKH’s MGA business which will continue to be led by Graham Elliott.

Howden said:  “This is a landmark moment for both Hyperion and RKH and an achievement of which we can rightly be proud. Both companies are outstanding in their own right, but they will be stronger together creating the world’s largest majority employee-owned insurance group.

“In a rapidly changing industry where specialism, distribution and scale matter more and more, we will be even better placed to play a leading role in our sector. We are hugely excited to be combining our entrepreneurial cultures, complementary business mix and extensive UK and international footprint to create an even better proposition for our clients, employees and shareholders.”

Dominic Collins, chairman of RKH, added: "This is a transformational merger that brings together our two companies to create a significantly enhanced platform that drives innovation with a balanced mix of direct, specialty and underwriting activities. The combined capabilities, geographies and knowledge will mean we can even better serve our clients while remaining the employer of choice for the industry’s very best talent.”

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