Business
Hyperion Equity Placement
Hyperion Equity Placement.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n B.P. Marsh & Partners PLC\n27 February 2006\n\nDate: 27 February 2006\n\nOn behalf of: B.P. Marsh & Partners Plc ('BP Marsh', 'The Marsh\n Group' or 'the Company')\n\nFor immediate release\n\n\n\nB.P. Marsh & Partners Plc\n\nFirst Transaction Following AIM Flotation - Investee Company Raises £5.1m\n\n\n\nB.P. Marsh & Partners Plc, a niche venture capital provider to early stage\nfinancial services businesses (AIM: BPM), today announces its first transaction\nfollowing the Company's flotation on AIM on 2 February 2006.\n\n\n\nHyperion Insurance Group Limited ('Hyperion'), one of BP Marsh's investee\ncompanies, has successfully completed an equity placing which raised £5.1\nmillion of new capital to fund its ongoing growth plan. In the Admission\nDocument issued by BP Marsh on 2 February 2006, the fair market value of BP\nMarsh's holding in Hyperion, as at 31 July 2005, is shown as £8,080,440.\n\n\n\nBP Marsh, which exercised its pre-emption rights, participated in the placing by\nway of the capitalisation of part of a loan (£1,429,661) which was due to be\nrepaid by Hyperion and maintains its shareholding in Hyperion at 27.9%. Murofo\nInvestments SLU, a Spanish Investment Company, becomes a new shareholder in\nHyperion taking a 14% stake. In addition, Luis Munoz-Rojas, director of Murofo,\njoins the Hyperion Board.\n\n\n\nHyperion is one of the UK's fastest growing independent insurance groups and\nyesterday announced the doubling of its profits by 94% to £4.03 million.\nHyperion intends to continue its record of organic growth through establishing\nstart up operations in new territories as well as actively seeking suitable\nbusiness operations to add to its group. Hyperion believes this additional\nequity will provide sufficient finance for the group's immediate plans.\n\n\n\nThe Marsh Group first invested in Hyperion Insurance Group in 1994. The\nHyperion Insurance Group owns, amongst other things, Howden, a registered\nLloyd's insurance broker specialising in business critical risks including\ndirectors' and officers' ('D&O') and professional indemnity ('PI') insurance.\nIn 1998, Hyperion set up Dual International, an insurance managing general\nagency specialising in developing D&O and PI business in Europe. In 2000,\nHyperion established CFC Underwriting, a niche underwriting agency specialisi...