Acquisition will expand Hyperion’s underwriting agency businesss in the US
Hyperion Insurance Group has expanded its underwriting footprint in the US with the purchase of property and casualty specialist PGI Commercial.
It purchased the Florida-based agency with its underwriting arm, DUAL.
Hyperion chief executive David Howden said: “The opportunity for the group in North America is significant, but it has always been vital to us that we only enter markets where we identify people with a similar energy and dynamism to Hyperion. PGI have the perfect blend of strong leadership and underwriting culture to match our ambitions and they will make a great platform on which we will build our US and Latin American underwriting presence.”
PGI controls premiums of nearly $200m (£125m) and is one of the largest independent underwriting agencies in the US.
The combined underwriting arms will control more than $600m of premiums from offices in 12 countries.