Hyperion Insurance Group has acquired a ‘significant' stake in City-based Lloyd's reinsurance broker JK Buckenham.
Hyperion, which specialises in creating business critical insurance products and solutions, said the deal went through for an undisclosed sum.
Chief executive David Howden, said: “We are delighted with our investment in JK Buckenham as it will provide greater access to capacity for our overseas broking and underwriting operations.
“As the global insurance market continues to change, this deal gives our group a significant new capability, beyond our wholesale broking, retail broking and underwriting arms, and will allow us to manage our clients' risk more effectively.”
This is the third acquisition for Hyperion within the last twelve months. Howden said the investment in JKB was a further demonstration of its successful expansion strategy, which he said he believed should take the company through the £25m income mark during 2004.
JK Buckenham managing director Joanna Buckenham, said the deal was a natural fit for the company's reinsurance and specialist product capability and Hyperion's direct broking expertise.
