Howden keen to snap up PI broker

Hyperion broking arm, Howden, is the latest broker to show an interest in buying Lloyd's professional indemnity insurance specialist PYV, Insurance Times understands.

Sources said talks between Howden and PYV, which are understood to be codenamed 'Project Phoenix', are ongoing, but that a deal could be reached imminently.

Howden chief executive David Howden refused to comment on PYV.

But he told Insurance Times: “In line with our strategy we are always looking at opportunities in the insurance market that will add value for the business and for our shareholders.”

Heath Lambert and Giles are among the firms believed to have run the slide rule over PYV in recent months.

In its most recent accounts, PYV's pre-tax profit improved from £194,414 to £264,605 for the year ending 31 January 2010.

PYV could not be reached for comment.

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