Hyperion takes stake in Apollo Partners

Hyperion Insurance Group’s interest on the underwriting side of the industry has increased after the business acquired a 9.9% stake in the parent of Apollo Syndicate Management Ltd (ASML), Apollo Partners. ASML manages Syndicate 1969 at Lloyd’s, a platform that underwrites insurance across 12 classes of business. First established in 2009, the syndicate boasts capacity of £260m for the 2018 year of account. That £260m includes the capacity for special purpose arrangement 6133, the reinsurance outfit that focuses on property treaty business and was launched by ASML at the start of this year. “The Hyperion Group is invariably intertwined with the Lloyd’s market at various levels including our broking and underwriting operation,” said David Howden, the chief executive of Hyperion. “This opportunity to invest in a respected managing agency allows us to benefit from Apollo’s insights and knowledge,” Howden added. Ties between the two firms already exist, with David Ibeson, the CEO of Apollo Partners, serving as a non-executive director for underwriting agency and Hyperion subsidiary DUAL Group. Howden called Ibeson’s contribution at DUAL “invaluable”, adding: “We are looking forward to a closer working relationship with him and Apollo.” Ibeson himself added: “We are delighted to have a closer relationship with the Hyperion Group. As a non-executive director of DUAL, I know we share the same values and client centric approach. The partnership will be enhanced as a result of this relationship and we are all excited about the future opportunities it will bring.” The arrival of Ibeson to Hyperion’s board comes less than a month after the company added PwC veteran Mark Stephen to its board where he will also serve as the chair of the firm’s audit committee.

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