This represents the third international development for the Group since 3i, a world leader in private equity, invested £50m in Hyperion for a minority shareholding at the beginning of April this year.
On behalf of its broking group, Howden, Hyperion has acquired a controlling stake in European Insurance Brokers LLC (EIB), a privately owned broker. With a strategy focused on providing solutions in liability and large property insurance, EIB represents a good business fit and complements the core strengths of Howden The company has been renamed Howden Insurance Brokers LLC and will operate under the brand Howden Dubai.
David Howden, Chief Executive of Hyperion and Chairman of the Howden Broking Group, said:
“Dubai represents the ideal gateway from which to expand further throughout the Middle East. We have ambitious plans for our retail and wholesale broking businesses and plan to use our strategic presence in Dubai to pursue attractive opportunities throughout the region.”
Praveen Vashishta, Managing Director of Howden India, will be responsible for overseeing the Dubai operation on behalf of the Howden Broking Group. He comments: “Within the Middle East insurance premium growth has been concentrated more in the Gulf States and within the Gulf countries, the United Arab Emirates (UAE) offers a singularly attractive business opportunity. It is already a well established regional hub for several insurance and reinsurance companies as well as for international brokers.”
“With our strong heritage in liability insurance, Howden will address the needs of customers seeking expert advice and knowledge in this area. We also plan to offer services beyond our core areas of specialisation such as directors and officers insurance, professional indemnity including medical malpractice, and financial institutions’ crime insurance. Howden Dubai will aggressively pursue opportunities in property and construction insurance, as well as in the rapidly growing health insurance market in the UAE.”
The management team of European Insurance Brokers will remain with the new business and has been further strengthened with the appointment of a new chief executive officer, Arvind Kashyapa, who has over 26 years’ experience in the insurance industry – 10 of which have been spent in Dubai. Before joining Howden, Kashyapa managed the principal agency of New India Assurance Company Limited in Dubai on behalf of the Rais Hassan Saadi Group and built a strong business position for the agency.
Kashyapa concludes: “Howden is an international organisation with strong market relationships, depth of experience and a very clear focus. We shall tap into this rich experience of the group to provide world-class solutions, specialist knowledge and top quality service to our customers in UAE.”