Hyperion's operating income rises 19% in 2009

Hyperion Insurance Group has reported an operating income of £57.2m and EBITDA (excluding exceptional items) of £8.8m, up 19% and 7% respectively on last year, in its results for the 12 months ending 30 September 2009.

The group’s broking operations reported revenues of £34.1m, an increase of 43% on last year.

Hyperion’s chief executive, David Howden, said: “This is a great set of results particularly in light of the fact that our growth over the past financial year was organic rather than through the acquisition of new businesses, as our acquisition of Hendricks was not effective until October 2009. The new teams we have attracted have allowed us to exploit new areas which have played a strong part in taking our group forward.”

Operating income in both Israel and Spain increased 23% and 21% respectively.

Underwriting agencies DUAL International and CFC Underwriting both headquartered in London and VK Underwriting based in Miami reported total gross written premiums of £142m, an increase of 34% on the previous year.

CFC's gross premium income rose to £37.41m (2008: £29.77 million), and operating profit to £2.39m (2008: £1.69 million), representing increases of 20.4% and 41.4% respectively

Hyperion Insurance Group also raised £3m of additional working capital through a shareholder loan facility, and secured a shareholder loan note financing of €4.5m for the acquisition of Hendricks. This represented the first utilisation of the £25m funding committed in April 2008 by 3i.

Howden added: “The ongoing support of our external shareholders is testament to the strength of our business model. Following 3i’s investment in April 2008, the group still has £22m of committed funds available which we are looking to spend on acquisitions. This, combined with the ongoing success of our broking and underwriting divisions, places the group in a strong position, and I have every confidence that we are on target to reach our goal of £100m in revenues by 2012.”