Hyperion reaches agreement to buy Windsor
HYPERION INSURANCE GROUP LIMITED, the international insurance intermediary group, is pleased to announce that it has reached agreement to acquire Windsor Limited from the management and employees and their institutional backer Hutton Collins Partners LLP. The acquisition is subject to regulatory approval.
Windsor is an international Lloyd's broking group providing insurance and reinsurance broking services to businesses and private individuals. For the year ended December 2011 Windsor reported total income of £37.5m, and an EBITDA of £12m.
Hyperion Chief Executive David Howden said: "Windsor is a very successful Lloyd#s broking group that we have known well for many years. They have a great track record of organic growth and profitability. This growth combined with the excellent cultural and business fit and our similar corporate values, mean that we are very similar businesses on similar paths; ones that we have long hoped would meet. I am excited for the future."
The combined London broking business will be led by Windsor CEO John Bennett, reporting to Tim Coles, CEO of Howden Broking Group, and will be one of the largest independent insurance and reinsurance brokers in the London market.
Coles commented "Windsor has significant complementary strengths, particularly in Professional Indemnity, but additionally they have strong specialties in areas such as Marine, Aviation, Casualty and Binders, which will add great breadth to our capabilities. When combined with Howden Broking Group's international platform, these strengths will deliver considerable synergies which will be fantastic for our clients."
Windsor CEO John Bennett said "This opportunity is great news for Windsor; it reflects our hard work over the last five years in building one of the UK's most profitable insurance brokers. Most importantly, it will enable us to take our business to the next stage, supporting our objective of expanding our broking presence in the UK and internationally. Hyperion has the global distribution network and financial strength to do this, and we are extremely well matched in our cultures and outlook."
Hyperion Insurance Group
David Howden, CEO
T: +44 (0) 20 7623 3806
Redleaf Polhill (for media enquiries)
T: + 44 (0) 20 7566 6750
Lauren Franze / Sophie Roe
Hyperion Insurance Group
Hyperion is an international insurance intermediary group with divisions in broking and underwriting. The Group has businesses across Europe, Asia Pacific, the Middle East, the USA, and Latin America, employing more than 1,000 people in 52 offices operating out of 28 countries. Hyperion was ranked 19th in the 2011 Insurance Times Top 50 UK Brokers league table, and 5th in the 2011 Post Magazine Top 25 City (London) Brokers report.
Howden Broking Group
Howden, the broking arm of the Hyperion Insurance Group, is a global provider of a range of specialist insurances with over 750 people in more than 30 offices across the world. The group comprises a wholesale and reinsurance model built on a series of global hubs, and a local retail capability in a number of countries. Howden was named Insurance Broker of the Year at the 2011 British Insurance Awards.
Windsor is an international insurance and reinsurance broker with origins dating back to 1933. The Group employs over 230 people in the UK, Germany and Canada and provides insurance and reinsurance broking services to businesses and private individuals across the globe. Windsor was a public company, listed on the London Stock exchange, until 2007 when it was taken private by management and staff with the assistance of a private equity partner, Hutton Collins.