Specialty lines broker, RKH Specialty, part of the Hyperion Insurance Group (Hyperion), positions itself to become a leading player in the Surety market with the acquisition by Hyperion of the UK's largest independent specialist Surety broker, PMG Financial Services Ltd (PMG), subject to regulatory approval.
Barnaby Rugge-Price, CEO of RKH Specialty commented: "The acquisition of PMG represents a significant opportunity for us. PMG's considerable experience in arranging solutions for the world's largest corporations, and reputation for handling the most complex bond needs, will provide the platform for RKH Specialty to become a market-leader in this niche specialism. Combine this with the already strong international presence of the Howden network and the Group has real potential to become the leading international Surety broker."
In January this year, Gert Schlossmacher joined RKH Specialty from Euler Hermes, to develop its International Trade Credit business. Already a market leader in Political Risks, RKH Specialty plans to achieve similar status in Surety and Trade Credit as a result of these two key initiatives.
Rugge-Price continued: "Financial Risks is a key growth area for RKH Specialty and so I am delighted that in Neil Galletti, Gert Schlossmacher and Paul Philand we have the market's top talent across the three core competencies of our Financial Risks business: Political Risks, Trade Credit and Surety."
Paul Philand, MD of PMG, stated: "RKH Specialty, and the wider Hyperion Insurance Group, offers a unique opportunity to grow the business both by enhancing the offering to existing clients, with access to the greater resources of the wider Group, and by reaching new clients through the international broking network."
"I am extremely proud of PMG's achievements over the past 15 years and am convinced Hyperion's employee-ownership model and entrepreneurial culture will allow the business to thrive in its next stage of growth."
As Global Practice Leader for Surety within Hyperion, Philand will work closely with Hyperion's retail broking business, Howden, which has the largest independent retail broking network outside of the US, and underwriting arm, DUAL, using his expertise to advise on opportunities across the Group.