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Press Release
February 08, 2010

Hyperion reports 19% increase in operating income for 2009

Hyperion, one of the UK’s fastest growing insurance groups, today announced another set of impressive results for the 12 months ending 30 September 2009.  Against an extremely challenging financial market background the Group reported an operating income of £57.2 million and EBITDA (excluding exceptional items) of £8.8 million, up 19% and 7% respectively on last year.  


Hyperion’s Chief Executive, David Howden, comments: “This is a great set of results particularly in light of the fact that our growth over the past financial year was organic rather than through the acquisition of new businesses, as our acquisition of Hendricks was not effective until October 2009. The new teams we have attracted have allowed us to exploit new areas which have played a strong part in taking our Group forward.”

The Group’s broking operations reported revenues of £34.1 million, an increase of 43% on last year. Major developments which have contributed to the success of Group include the following:  

  • Establishment of a North American Property & Casualty division in December 2008, with a team joining from Benfield Corporate Risks
  • Trebling the size of its international property business with significant expansion in the Far East. Offices were opened in both Hong Kong in December 2008 and Taiwan in February 2009, and in October 2008 the broking group entered into an exclusive partnership with a broker in Korea (soon to be renamed Howden Korea). Howden also plans to open an office in Singapore shortly.
  • Impressive growth in both Israel and Spain achieving, respectively, a 23% and 21% increase in operating income
  • Acquisition of Hendricks & Co GmbH, the leading specialist Directors and Officers and Commercial Legal Expenses broker in Germany. Completed in October 2009, the deal propels Howden to become the D&O market leader in Germany


Underwriting agencies DUAL International and CFC Underwriting both headquartered in London and VK Underwriting based in Miami all had a successful year. Total gross written premiums for the agencies is £142 million, an increase of 34% on the previous year. Major developments that have contributed to these results – and will contribute to the future growth of the underwriting agencies – include the following:


  • In May 2009, DUAL International announced a strategic partnership between its Hong Kong office, DUAL Asia, and MSIG Insurance (Hong Kong) Ltd, to provide financial lines products for mid market companies in Asia
  • Bob Van Gieson, former President and CEO of Arch Insurance Company Europe, was appointed as Chairman and CEO of DUAL International in July 2009
  • DUAL Corporate Risks opened its first Irish branch in Dublin in October 2009
  • In October 2009 DUAL expanded its operations in Australia with the opening of an office Brisbane to add to its existing offices in Sydney, Perth and Melbourne
  • Effective 1st December 2009, DUAL Australia now underwrites solely on behalf of Lloyd’s (Arch Syndicate 2012)
  • CFC had a particularly successful year. Gross premium income rose to £37.41 million (2008: £29.77 million), and operating profit to £2.39 million (2008: £1.69 million), representing increases of 20.4% and 41.4% respectively
  • CFC entered the life sciences market in July 2009 by launching Biosurance™ R&D – a blended policy specifically designed for research and development companies in the life sciences industry

Hyperion also raised £3 million of additional working capital through a shareholder loan facility, and secured a shareholder loan note financing of €4.5 million for the acquisition of Hendricks. This represented the first utilisation of the £25 million funding committed in April 2008 by 3i.  

David Howden concludes: “The ongoing support of our external shareholders is testament to the strength of our business model. Following 3i’s investment in April 2008, the Group still has £22 million of committed funds available which we are looking to spend on acquisitions. This, combined with the ongoing success of our broking and underwriting divisions, places the Group in a strong position, and I have every confidence that we are on target to reach our goal of £100 million in revenues by 2012.”