Top 50 Brokers 2011: 19th Hyperion Insurance Group

Management: Hyperion chief executive David Howden has been recruiting senior players from London market broker PYV ahead of a planned flotation in a year’s time.

PYV chief executive Neil Pointon and directors Ian Boscoe, Lee Chapman and Robert Bass all joined Howden, Hyperion’s broking subsidiary. Having bought PYV’s legal and IFA books, Howden has left PYV as a shell company.

Lorraine Adlam was promoted from board member to chairman of Howden Insurance Brokers Ltd, the London market arm of the broking group. She was previously a board member at London-listed SVB Holdings (since renamed Novae).

Strategy: If it goes ahead, Hyperion – which comprises broker Howden and underwriters CFC and DUAL – will be the first broker-insurer to list since Jelf six years ago, making it a bellwether.

But questions have been raised over whether it is large enough and therefore sufficiently liquid to be traded regularly. Hyperion’s EBITDA grew 41% to £12.4m for the year to 30 September 2010, revenue was £75.3m, and it is expected to have a market capitalisation within the £200m-£400m range.

The best way for the company to move forward will be to use the £22m it has in its coffers for acquisitions.

Expertise: Wholesale and retail broking, reinsurance broking and underwriting, in offices across Asia, Australia, Europe, the Middle East, North and South America.