HYPERION TO BUY WINDSOR

UK-based insurance group Hyperion has agreed to buy independent Lloyd's broking group Windsor from Hutton Collins Partners and Windsor's management in what had been reported as a £95m ($146m) deal. Windsor's existing staff and management will join Hyperion. The combined London broking business will be led by Windsor CEO John Bennett, reporting to Tim Coles, CEO of Howden Broking Group. News of discussions between the two companies was released early this year (IIN 24, January 11 2012). Windsor has six offices throughout the UK and is also a reinsurance broker. Previously publicly listed, it was taken private in a £33.7m management buyout in 2007, and currently employs more than 230 people in the UK, Germany and Canada. It is currently 22% owned by Hutton Collins and 78% owned by its management and staff. Hyperion is privately owned, with BP Marsh and Murofo Investments being significant investors. Its operations include underwriting agencies DUAL, VK Underwriting, as well as the Howden Broking Group. Hyperion is likely to be floated some time in 2013, although the company has said that this will depend on the economic environment.