London-based intermediaries Hyperion Insurance Group Limited* and R K Harrison Holdings Limited (RKH) have completed the merger of their two businesses, following receipt of applicable regulatory and legal approvals.
Acquiring 100 percent of the share capital of RKH, Hyperion has now become the parent company of the combined group, with David Howden continuing as CEO. Dominic Collins has been appointed executive chairman of Hyperion.
The newly combined business provides clients with a viable, independent alternative, while sustaining an entrepreneurial culture and bespoke ethos that is unique in the insurance industry, Hyperion said in a statement.
Following the merger, Hyperion combines specialty lines expertise with extensive geographical reach, providing clients with the pre-eminent international and U.K. retail distribution network outside of North America; a leading independent specialty lines insurance and reinsurance broker; and the only global specialist MGA group, the company said.
“I am immensely proud to announce the completion of this merger, which represents a game changing step for Hyperion’s 21st year,” said David Howden, chief executive officer of Hyperion. “We are truly coming of age and it is quite remarkable to think that since forming Hyperion in 1994 with just three people, we will now be the world’s largest employee-owned insurance and reinsurance intermediary group with over 3,000 staff.”
He said the combination of scale, reach and specialism, underpinned by majority employee ownership, offers a unique proposition.
Dominic Collins, executive chairman of Hyperion, said: “I am delighted that we can today announce that the merger of Hyperion and RKH has successfully completed. I believe that this is a transformational moment for us, bringing together two great companies and creating a significantly enhanced platform. This will further drive innovation and growth across our balanced mix of retail, specialty and underwriting capabilities and in turn enable us to better serve our clients around the world. The market remains highly competitive, but also offers significant opportunity. I believe we have created an outstanding platform from which to capitalize on this.”
*Founded in 1994, Hyperion is an independent and employee-owned international insurance and reinsurance intermediary group. Hyperion is comprised of The DUAL Group and Howden Broking Group. Hyperion’s businesses operate across Europe, Asia, the Middle East, Latin America, Australia and New Zealand and in the USA.
Source: Hyperion
Related article:
Merger of Hyperion & R K Harrison Approved by Boards, Shareholders
Topics Mergers & Acquisitions
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