Group has access to £22m to spend on acquisitions
Private equity-backed insurance group Hyperion reported a 19% rise in operating income to £57.2m for the 12 months to 30 September 2009. Earnings before interest, taxes, depreciation and amortisation was up 7% year-on-year to £8.8m.
Hyperion chief executive David Howden said: “This is a great set of results, particularly in light of the fact that our growth in the past financial year was organic rather than through acquisition – our acquisition of Hendricks was not effective until October 2009.”
The group, which includes broking outfit Howden, saw its broking revenues leap 43% to £34.1m, thanks in part to the establishment of a North American property and casualty business, and growth in the Far East, Israel and Spain.
Meanwhile, combined gross written premium for group underwriting agencies DUAL International and CFC Underwriting reached £142m, up 35% on the previous year.
Howden added: “Following 3i’s investment in April 2008, the group still has £22m of committed funds available, which we are looking to spend on acquisitions.”