Hyperion Insurance Group and CFC Underwriting Limited, have announced that they have reached agreement for Hyperion to sell its majority stake in CFC Underwriting Ltd to a consortium of private investors and the management team.
David Howden, ceo of Hyperion comments “In 2000, David Walsh, at the time working for the group, saw a gap in the market to start a specialist underwriting business focusing on insurance for technology companies and e-risk. He approached the Group to back him by investing in this exciting proposition, and Hyperion took a significant stake in the business. Over the last twelve years, CFC has grown and diversified and is now one of the pre-eminent MGAs in London with clients in over 50 countries around the world.”
David Walsh, managing director of CFC Underwriting said “since our incorporation CFC has changed dramatically to cater for the needs of our clients and brokers. The time is now right for CFC to step out on our own and pursue our growth plans. We have an exciting future ahead of us, and I would like to thank Hyperion for the support they have given from the very beginning to allow us to build this great business.”
Howden added “The CFC team is an incredible group of people. In 2010, CFC was named Underwriter of the Year at the British Insurance Awards, and in 2011 they were named Underwriting Team of the Year at the London Market Awards. I have no doubt that they will continue to prosper and I wish them continued success.”
CFC will continue to manage its business from its Gracechurch Street office in the City of London. It has secured finance from a consortium of six private investors and the management who are all committed to the long term future of the business.
The consortium includes Richard Corfield, previously managing director of Lloyd Thompson from 1994 to 1996 and chairman of R. K. Harrison from 1996 to 2007, and Mike Rees, who was one of the three founding directors of Benfield. Richard Corfield will be taking up the role of executive chairman with effect from 1st October.
The deal is subject to FSA approval.
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