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HFW advises on CFC buyout from Hyperion Group

19 April 2012

A team of HFW lawyers, led by Partners Richard Spiller and Ashwani Kochhar, has advised the purchaser and a consortium of investors on the buyout of specialist underwriting agency CFC from its parent, Hyperion Group. The deal, which is subject to FSA regulatory approvals, is expected to complete in Q2 2012.

The acquisition will be funded by a consortium of six private investors, made-up of major market figures including Richard Corfield (former MD of Lloyd Thompson and former Chairman of RK Harrison, the London wholesaler) as well as Mike Rees (one of the three founding directors of Benfield). Richard Corfield will become CFC’s Executive Chairman from 1 October 2012.

Since its founding in 2000, CFC has built a strong reputation as a London MGA, writing business in the technology sector in particular, but also in media and life sciences, and now boasts clients in more than 50 countries.

The HFW team included Richard Spiller (Partner), Ashwani Kochhar (Partner) and Lindsey Greer (Associate).

This deal highlights a buoyant transaction market in the MGA sector and follows HFW’s involvement in 3 other insurance sector M&A deals over the last year:

  • Ryan Specialty Group acquisition of Jubilee Group Holdings Ltd. HFW advised the target company (May 2011).
  • Syndicate Holding Corp. acquisition of HSBC Insurance (UK) Ltd. HFW advised the purchaser (July 2011).
  • Miles Smith Holdings Ltd acquisition of RL Davison’s UK motor & commercial operations. HFW advised the purchaser (December 2011).