Hyperion’s CFC sale could help smooth the way for rumoured bid for Lloyd’s broker Windsor
Hyperion has reached an agreement to sell a majority stake in CFC Underwriting to a consortium of private investors and the management team.
The deal comes amid market speculation that Hyperion is in progressed talks to buy Lloyd’s broker Windsor, meaning the CFC sale could help offset the costs of the Windsor deal.
A deal to buy Windsor would be Hyperion’s largest to date, and could cost anywhere between £50m and £70m, on rough calculations.
Chief executive David Howden said: “In 2000, David Walsh, at the time working for the group, saw a gap in the market to start a specialist underwriting business focusing on insurance for technology companies and e-risk.
“He approached the group to back him by investing in this exciting proposition, and Hyperion took a significant stake in the business. Over the last 12 years CFC has grown and diversified and is now one of the pre-eminent MGAs in London with clients in over 50 countries around the world.”
CFC managing director David Walsh said: “Since our incorporation CFC has changed dramatically to cater for the needs of our clients and brokers. The time is now right for CFC to step out on our own and pursue our growth plans.
“We have an exciting future ahead of us, and I would like to thank Hyperion for the support they have given from the very beginning to allow us to build this great business.”
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