Hyperion Insurance Group Limited (‘Hyperion’) has today announced the creation of a fourth business, Hyperion X to be launched on 1 January 2019. Hyperion X will develop key areas of data, analytics and digital platform delivery. Hyperion X will sit alongside its existing broking businesses Howden Broking Group and RKH Specialty (‘RKH’) and MGA DUAL.
Hyperion X will be led by Barnaby Rugge-Price as CEO and Elliot Richardson as Chairman. David Howden, CEO, Hyperion said: “Hyperion X is a clear demonstration of our continued commitment to delivering the best solutions for our clients in the most cost-effective way. As a Group, we have always embraced change. For us to continue as independent leaders in the markets in which we operate, investment in technology and data is critical. By combining our expertise in international insurance markets with improved business insights from data, we aim to enhance the products and services that we offer to our clients, to reduce the unacceptably high cost of doing business and to open up new markets.”
Effective 1 January, Andy Bragoli will take over as CEO and Rugge-Price as Chairman of RKH with Richardson continuing to lead RKH’s reinsurance business. Bragoli is currently Deputy CEO of RKH and has led RKH’s property and casualty business since its acquisition by Hyperion in 2015. He has been with the group since 1997.
Howden added: “I am delighted that both Hyperion X and RKH will be in such safe, experienced hands.”
Barnaby Rugge-Price, CEO, RKH and incoming CEO, Hyperion X commented: “There has been growing pressure on the cost of delivery across our industry which represents a great threat to us all but, at the same time, a great opportunity for those who can grasp it. I hope that Elliot’s and my experience across the market spectrum will combine with our growing inhouse analytics and technology capabilities to deliver a series of products and market platforms that address the needs of clients and markets. I believe the evolution of our industry’s proposition is the most important challenge we face, so when David asked me to lead Hyperion X, I eagerly accepted it as an opportunity to devote my time and energy to a critically important project.”
Hyperion X will also manage Hyperion’s third-party insurtech investments, as well as incubating its own start-up ventures.