British Hyperion Insurance Group, through its subsidiary DUAL has embarked on an agreement to acquire PGI Commercial, a Florida-based property and casualty program manager.
The acquisition of PGI Commercial will significantly boost the UK-based international insurance intermediary underwriting agency’s business in the US.
"PGI controls premiums approaching $200 million and is one of the largest independent underwriting agencies in the U.S."
Hyperion chief executive David Howden said, "The opportunity for the Group in North America is significant, but it has always been vital to us that we only enter markets where we identify people with a similar energy and dynamism to Hyperion.
"PGI has the perfect blend of strong leadership and underwriting culture to match our ambitions. They will make a great platform on which we will build our U.S. and Latin American underwriting presence."
With underwriting offices in California, Florida, Georgia, Maryland, New Jersey and New York, PGI consists of specialty programs for both property and casualty classes and is written on an admitted and an E&S basis.
Based on the terms of the agreement, PGI president Justin Tweedie will assume the post of CEO of DUAL’s operations in the Americas.
The integrated DUAL and PGI business will have premiums more than $600m, with 24 offices located in 12 nations across five continents.