Howden Broking Group has bought the legal and IFA books of Lloyd's broker PYV.
The sale, as predicted by Insurance Times, will also see staff from PYV joining Howden.
Hyperion chief executive David Howden said: “The acquisition of this book of business adds breadth and depth to our existing UK retail team.”
Howden Broking Group chief executive Tim Coles said: “PYV’s sector specialist focus complements Howden’s strategy to build a leading market share in every sector upon which we focus."
Accounts for Pointon Group, released in January 2011, show that broking subsidiary PYV Ltd’s pre-tax profit improved from £194,414 to £264,605 for the year ending 31 January 2010.
The group employed an average of 72 staff to the year ending 31 January 2010, down from 84 the previous year.
The company’s accounts say the broker’s professional indemnity business for independent financial advisers suffered from difficult conditions during the financial year, although its PI for solicitors fared well. “The PI business for independent financial advisers has continued to experience difficult conditions in the past year,” they say. “The market continued to soften, with consequent falls in rates as underwriters continued to commit capacity to the PI market despite an expected increase in claims frequency. As was the case last year, the PI business for solicitors continued to grow strongly. ”
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