The announcement comes with an organisational restructure
Hyperion Insurance Group has merged its retail and specialist broking businesses – Howden and RKH.
The two will combine under one management team led by José Manuel González as chief executive – effective as of 1 October. González will move to London to lead the combined broking group; he has been chief executive of Howden since October last year.
It will bring together Howden’s international retail network and RKH’s specialty and reinsurance expertise and hopes to deliver ”seamless” access to the group’s clients.
González, chief executive at Howden Broking Group explained: “Combining our two businesses will create a global, cohesive and efficient platform.
”It will present, with clarity and simplicity, a real alternative and independent solution for clients, insurers and talent.”
The transition of RKH to Howden’s specialty and reinsurance brands will take place over the course of a year starting next month.
David Howden, chief executive at Hyperion said that the combined broking group offers a “unique proposition” to its US broker partners.
“We are the only broker with an international retail network and the necessary expertise to service our US broker partners’ clients, not competing with them in their own territory.
“In 25 years, we have built a group of global scale with employee ownership at its heart. Hyperion has more than doubled in size since RKH became a part of the Group.
”We have over 5,000 employees, operating out of more than 200 offices in 36 territories, managing circa $7bn GWP on behalf of clients.
”We have also launched our Howden One network which, when combined with our broking offices, now means over 15,000 people service clients in over 90 territories and manage around $23bn of premium,” he added.
Alongside the merger of the two firms, an organisational restructure was announced with Hyperion forming a new UK broking executive committee to sit above the two combined businesses.
Andy Bragoli, chief executive of RKH will lead this committee alongside his current role, Chris Evans chief executive at Howden will be deputy of the committee in addition to his position. Barnaby Rugge-Price chief executive at Hyperion X will chair it supported by Paul Redgate as deputy.
Mark Wood will also join Hyperion’s executive committee. Redgate will work with Wood as he leads the broking group’s global practices and therefore completes his contractual obligation to Marsh and JLT. The development of these practices will drive the delivery and speciality expertise through the group’s international offices and network.
Bragoli, said: “We are always looking to advance our client proposition; our clients expect us to stay ahead in competitive environments. This is simply the next step for us. Our commitment to all our clients, first and foremost, is to provide them with both specialist expertise and global servicing capabilities through our own Howden network. Our commitment not to be a US retail broker remains unchanged and, in this, we are truly unique.”
Bragoli said that he believes the future belongs to those companies who put their clients and employees first.
“This merger provides the best possible international platform for our people to deliver results for our clients. Our business has always been about growing talent, and José Manuel perfectly embodies that entrepreneurial spirit and diverse nature of our talent,” he concluded.
Howden is a specialist insurance broker, and RKH Specialty is an independent special lines broker.
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