Hyperion accelerates growth with acquisition of German market leader

08 Jun 2009

Hyperion Insurance Group today announced that its broking arm, Howden, has signed a deal to acquire Hendricks & Co GmbH, the leading specialist Directors and Officers (D&O) and Commercial Legal Expenses broker in Germany.

Joining forces with the number one specialist D&O broker in Germany will give Howden immediate market leadership and will provide both companies with a platform for both product and geographic expansion. 

This is Hyperion’s first major acquisition since 3i acquired a minority stake in the company in April 2008 and will further expand the Group's international distribution network, which in the last 12 months alone has seen new offices open in Hong Kong, the Middle East and Latin America.

David Howden commented: “I am absolutely delighted that Hendricks is becoming part of the Group.  This acquisition is a clear fit with our strategy of driving growth in one of our core product lines.  Moreover, Howden is keen to expand its retail distribution network and Germany, as the EU’s largest economy and with an increasing demand for our specialist products has long been a target.  Driven by energetic and entrepreneurial leaders, the culture at Hendricks will fit well with our business.  This represents excellent news for our clients globally as the expertise of Michael Hendricks and his team of lawyers is something we can share across our Group”. 

As litigation risks for professionals and executives spiral upwards, liability insurance cover is vital for individual and business protection.  Specialist brokers like Howden and Hendricks have the skills to source the right cover at the right price and to provide strong claims support.

Established in 1993 and with three offices in Germany, Hendricks has a market share of over 10%.  Its enviable reputation has been gained by a highly experienced and entrepreneurial management team, which includes 15 qualified lawyers, and is led by Michael Hendricks, an acknowledged national authority on directors’ liabilities.  
Michael Hendricks added: “One of our major strengths has been to anticipate changes in the German D&O market by interpreting international developments and adapting our client’s coverage accordingly.  But in the future, being the best in the German market will no longer be enough.

 

As part of Howden, we will be able to provide a global service to our many multinational clients, as well as significantly improving the scope of our services and developing our business with the big DAX companies.  We will also be able to draw upon Howden’s internationally recognized expertise in the field of professional indemnity, which will place us at the forefront of developments in the German market”.
The deal will be completed on 1st October 2009.

About 3i
3i is an international leader in private equity.  We focus on Buyouts, Growth Capital and Infrastructure and invest across Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our business relationships.  These underpin the value that we deliver to our portfolio, shareholders and fund investors.
www.3i.com

About Howden
Howden, with an accredited Lloyd’s broker, and a strong global footprint, provides a range of specialist wholesale, retail and reinsurance services to a broad base of clients through its network of international offices.  It is the broking arm of Hyperion Insurance Group.
Established in 1994 and headquartered in the City of London, the Hyperion Insurance Group is a fast expanding, independently owned insurance and underwriting company. Since its inception it has grown to become a leading global provider of specialist insurances. Hyperion employs over 550 people in 40 offices operating out of 18 countries. The Group was awarded a Queen’s Award for Enterprise in International Trade in April 2007.
Hyperion was ranked for the second year running in the 2008 Sunday Times Buyout Track 100. It was also ranked 27th in the 2008 Insurance Times Top 50 UK Brokers league table and 10th in Post Magazine’s 2008 Top 25 City Brokers report.
Hyperion is backed by 3i, a world leader in private equity, who in April 2008 acquired a 27% shareholding in Hyperion.  With access to 3i’s capital, along with its resources and expertise, Hyperion is looking to continue its fast pace of growth, both organically and through acquisitions. It is also backed by specialist private equity investor, BP Marsh & Partners plc, and Murofo Investments SL.
www.hyperiongroup.com

About Hendricks  
Established in 1993, Hendricks is the leading specialist D&O and commercial legal expenses broker in Germany.  Its head office is in Dusseldorf, with branch offices in Hamburg and Munich.  The total headcount is 30, of which 15 are qualified lawyers. The business has a unique position in the German market delivered by a quality offering, with a highly developed capability to generate differentiated products - enabled by the expertise of its staff.  The company, spearheaded by its Hamburg office, is also developing a significant sector specialisation, targeting the financial services sector. 
www.hendricks.com

 

For further information please contact:

Rachel Richards
email. rachel.richards@3i.com
tel.  +44 207 975 3573