The sum and terms of the settlement have not been disclosed
Hyperion has reached a settlement with rival broker JLT over the alleged poaching of 47 staff.
JLT was looking for £10m in compensation, according to court papers. A joint statement from Hyperion and JLT released today said a “confidential” settlement had been reached.
The resignations affected JLT Specialty’s real estate division (20 resignations, including 11 out of 17 members of the division’s executive committee), financial lines division (21 resignations), and special risks and programmes division (six resignations).
Among those leaving included the chief executive of real estate, the deputy business unit head of real estate, the global specialty head of financial lines, the chief executive of financial lines and the chief executive of special risks and programmes.
JLT had alleged that Hyperion wanted to acquire established teams and follow it up by buying the business itself.
”As part of the settlement, the parties have agreed that the relevant employees will continue to be bound by their obligations to JLT, including their notice periods and post-termination restrictive covenants,” the statement added.
Speaking to Insurance Times earlier this week, as an aside to the reporting of its annual results, Hyperion’s chief executive David Howden said ’poaching’ was an “interesting choice of word”.
He continued: “We’ve always been a magnet for talent. Our job is to set our store out and attract talented people to the business long-term. If you look at our staff numbers five years ago, we had 1,800 staff. Today, we’ve got over 5,000. Five years ago, we had 300 shareholders in our business. Today, we’ve got over 800 shareholders.
“That attraction of talent, not the poaching of talent, is a core business strategy.”
Due to the conditions of the settlement, Hyperion and JLT have declined to comment further when approached by Insurance Times today.