The London-based Hyperion Insurance Group, an international insurance intermediary, announced its intention to expand its underwriting agency business in the U.S. through the acquisition, by its subsidiary DUAL, also based in London, of PGI Commercial, a property/casualty program manager headquartered in Naples, Florida.
PGI controls premiums approaching $200 million and is one of the largest independent underwriting agencies in the U.S., according to Hyperion.
PGI started operations 10 years ago and has underwriting offices in California, Florida, Georgia, Maryland, New Jersey and New York. The business consists of specialty programs for both property and casualty classes and is written on an admitted and also an excess and surplus lines (E&S) basis.
Justin Tweedie, president of PGI, will become CEO of DUAL’s operations in the Americas.
Combined DUAL and PGI business will have premiums exceeding $600 million, with 24 offices in 12 countries, spanning five continents, the announcement said.
Source: Hyperion Insurance Group