Hyperion Insurance Group today announced that its broking arm, Howden, has signed a deal to acquire Hendricks & Co GmbH, the leading specialist Directors and Officers (D&O) and Commercial Legal Expenses broker in Germany.
Joining forces with the number one specialist D&O broker in Germany will give Howden immediate market leadership and will provide both companies with a platform for both product and geographic expansion.
This is Hyperion’s first major acquisition since 3i acquired a minority stake in the company in April 2008 and will further expand the Group's international distribution network, which in the last 12 months alone has seen new offices open in Hong Kong, the Middle East and Latin America.
David Howden commented: “I am absolutely delighted that Hendricks is becoming part of the Group. This acquisition is a clear fit with our strategy of driving growth in one of our core product lines. Moreover, Howden is keen to expand its retail distribution network and Germany, as the EU’s largest economy and with an increasing demand for our specialist products has long been a target. Driven by energetic and entrepreneurial leaders, the culture at Hendricks will fit well with our business. This represents excellent news for our clients globally as the expertise of Michael Hendricks and his team of lawyers is something we can share across our Group”.
As litigation risks for professionals and executives spiral upwards, liability insurance cover is vital for individual and business protection. Specialist brokers like Howden and Hendricks have the skills to source the right cover at the right price and to provide strong claims support.
Established in 1993 and with three offices in Germany, Hendricks has a market share of over 10%. Its enviable reputation has been gained by a highly experienced and entrepreneurial management team, which includes 15 qualified lawyers, and is led by Michael Hendricks, an acknowledged national authority on directors’ liabilities.
Michael Hendricks added: “One of our major strengths has been to anticipate changes in the German D&O market by interpreting international developments and adapting our clients’ coverage accordingly. But in the future, being the best in the German market will no longer be enough. As part of Howden, we will be able to provide a global service to our many multinational clients, as well as significantly improving the scope of our services and developing our business with the big DAX companies. We will also be able to draw upon Howden’s internationally recognized expertise in the field of professional indemnity, which will place us at the forefront of developments in the German market”.
The deal will be completed on 1st October 2009.