The London-based Hyperion Insurance Group, an international insurance intermediary, announced its intention to expand its underwriting agency business in the U.S. through the acquisition, by its subsidiary DUAL, also based in London, of PGI Commercial, a property/casualty program manager headquartered in Naples, Florida.
PGI controls premiums approaching $200 million and is one of the largest independent underwriting agencies in the U.S., according to Hyperion.
Hyperion’s Chief Executive David Howden commented: “The opportunity for the Group in North America is significant, but it has always been vital to us that we only enter markets where we identify people with a similar energy and dynamism to Hyperion. PGI has the perfect blend of strong leadership and underwriting culture to match our ambitions. They will make a great platform on which we will build our U.S. and Latin American underwriting presence.”
PGI started operations 10 years ago and has underwriting offices in California, Florida, Georgia, Maryland, New Jersey and New York. The business consists of specialty programs for both property and casualty classes and is written on an admitted and also an E&S basis.
The announcement also explained that Justin Tweedie, president of PGI, will become CEO of DUAL’s operations in the Americas. He commented: “Joining Hyperion and becoming a part of DUAL represents a major step in the development of PGI’s operations. We are now a part of one of the largest unaffiliated international underwriting agencies in the world, and this brings both resource and network benefits to our clients and employees. We were attracted by the ambition and sheer energy of Hyperion and believe that this new partnership will help fuel our growth.”
Combined DUAL and PGI business will have premiums exceeding $600 million, with 24 offices in 12 countries, spanning five continents, the announcement said.
Source: Hyperion Insurance Group