Taylor Wessing advises Hyperion Insurance Group on Howden acquisition

European law firm Taylor Wessing LLP has acted for Hyperion Insurance Group on the acquisition of Hendricks & Co GmbH, the leading specialist Directors and Officers and Commercial Legal Expenses broker in Germany. The deal, announced in early June, will be completed on 1 October 2009, with Hyperion’s broking arm, Howden, acquiring a 75% stake in Hendricks & Co GmbH. 

The complex and multi-faceted transaction involved Taylor Wessing lawyers in the UK and Germany working together to advise upon transactional, tax and financing matters. Partners Dirk Lorenz and Wolfgang Schaller and associate Timo Fahrion at Taylor Wessing Germany advised Hyperion on the acquisition. Partner Peter Kempe, assisted by Ama Acheampong-Mensah, advised on the commercial issues for the UK group, including the loan note and equity elements of the consideration, as well as advising upon shareholder funding through a rights issue and loan note subscription. Partner and UK head of tax Peter Jackson advised on tax implications, whilst partner Martin Yells and associate Nada Jarnaz advised on all bank financing arrangements.  

Hyperion is an international insurance group, providing wholesale and retail broking services, reinsurance broking and underwriting across over 50 countries around the world. Hendricks, with three offices in Germany, has a market share of over 10% and is led by the acknowledged national authority on director’s liabilities, Michael Hendricks. Joining forces will provide both companies with a solid platform for growth and expansion both geographically and in terms of scope of services offered.  

Taylor Wessing partner Peter Kempe comments:

“We are delighted to have acted for Hyperion, helping the company to lay the foundations for further growth and international development.

“This is a particularly significant deal given the backdrop of challenging market conditions. The transaction involved a City-based Lloyds broker making a German acquisition with financing from London, showcasing Taylor Wessing’s pan-European capabilities. The deal also demonstrates Taylor Wessing’s deep insurance industry expertise.”

The solicitors in Germany acting for Hendricks were Eggers Malmendier.  Fladgate LLP provided advice in the UK.

In the UK, Macfarlanes acted for 3i, Michelmores acted for B.P. Marsh & Partners Plc and Pinsent Masons acted for the lender, HSBC. 


Ends

Lawyers Dr. Dirk Lorenz, Wolfgang Schaller, Dr. Timo Fahrion, Peter Kempe, Peter Jackson, Martin Yells, Nada Jarnaz

Notes to editors

For more information or to speak to Peter Kempe, please contact Dillon Mann or Maria Jennings at Spada:

Tel:      +44 (0)20 7269 1430
Email:   dillonmann@spada.co.uk

Taylor Wessing LLP is a leading law firm providing support for commercial organisations doing business in Europe, the Middle East and China.

www.taylorwessing.com