LONDON: May 3rd 2011– HYPERION INSURANCE GROUP is pleased to announce that its broking subsidiary, Howden Broking Group, has reached agreement to acquire the broking activity of professional indemnity specialist PYV Limited. The acquisition will see a significant team and book of business move over to Howden.
Hyperion's chief executive, David Howden, said: “In line with our group strategy we are actively looking at opportunities in the insurance market that will add value for our clients, the business, and our shareholders. The acquisition of this book of business adds breadth and depth to our existing UK Retail team.”
Tim Coles, CEO of Howden Broking Group, added: “PYV’s sector specialist focus complements Howden’s strategy to build a leading market share in every sector upon which we focus. PYV is specialist in core sector areas that are complementary to our existing activity; notably, they are one of the leading brokers providing insurance solutions to IFAs, mortgage brokers, and solicitors. They have a strong team and some first class client relationships that we look forward to building on as we continue to grow our UK retail team which will be, in its own right, one of the largest specialist PI and D&O broking teams in the London market.”