Hyperion Insurance Group today announced that its broking arm, Howden, has agreed to take on the US wholesale property and casualty team from Benfield Corporate Risks (BCR). This is the first deal of Howden’s new financial year. It represents the broker’s next big push into property and will allow it to establish an immediate and significant presence in the US wholesale market.
BCR’s John Plummer will join Howden in early December as Managing Director of US Wholesale Property & Casualty, reporting into Howden London’s CEO Tim Coles, and will launch a US wholesale practice based in London. The new unit will draw on the US distribution network established by Plummer and his team.
The team is recognised to be one of the best in the market, and has deep long term relationships with both its retail brokers and insureds. The team includes Nick Whitcombe, Richard Beard, Keith Sheridan, John Thornycroft, Paul Beverley, Simon Richardson and Alice Lambert.
Commenting on the deal, Plummer said: “This is a great opportunity to grow a US wholesale practice, and the Howden brand with its international network and expertise will provide an ideal platform to do so. Being part of a privately held and dynamic business will provide the security that our customers require and will enable us to attract talented teams and individuals”.
Tim Coles added: “I am absolutely delighted that John and his team are coming on board. Other than formative initiatives, Howden’s outstanding growth has been generated without accessing the US market. The acquisition of John and his team from Benfield Corporate Risks is a great step for us, providing an outstanding platform for Howden’s penetration of the US wholesale market. We’re looking forward to working with this experienced team, which we expect to contribute in many ways to the continued development of our business, not least by helping us to build on our impressive 30% compound annual growth rate”.