David Howden, CEO of Hyperion Insurance Group and Rajiv Arora, CEO of Howden Insurance Brokers, speak to OER about the group’s newly floated insurance broking business in Oman. Muhammed Nafie reports
Howden, the retail broking arm of UK-based Hyperion Insurance Group having a global presence with over 3,800 employees, recently joined hands with Oman’s OTE Group, to launch its insurance broking business in Oman. Howden Broking Group had acquired a majority stake in Oman-based New Generation Insurance Services (NGIS) in the last quarter 2017. The new entity was renamed Howden Insurance Brokers.
Talking to OER on the sidelines of the launch ceremony at Crowne Plaza Muscat, David Howden, CEO of Howden and parent company Hyperion said: “Oman has a rapidly growing insurance market to which we expect bring a fresh approach for clients, by leveraging our expertise in the region and the group’s wider access to specialist products and markets internationally.”
“We are very pleased to launch our broking business in Oman with OTE Group as our partner,” he added. “We are basically a retail broker and we operate in 38 countries around the world. We have been earlier also working with insurance companies in Oman through other means, but now we have decided to start retail business here.”
Rajiv Arora, CEO of the newly formed venture, added, “Entering into any market is always challenging. But with the support of the local group and with the niche products from UK-based Hyperion Insurance Group, I am sure we can bring a difference to the market.”
Speaking at the event, Salim Saad Suhail Bahwan, chairman of Howden Insurance Brokers said Oman’s insurance sector is expected to play a vital role in the nation building. As the government plans to introduce compulsory health insurance going forward, a surge in health insurance premiums is likely boost to the sultanate’s insurance sector. Keeping all these developments in mind, we are delighted to announce the setting up of new venture in association with a vibrant UK-based group Howden.
Howden provides a range of specialist insurance solutions to clients around the world and it has offices in Europe, Asia, Ibero-America and the Middle East. The first Howden operations in the Middle East was established in Dubai in 2008, when the company acquired a majority stake in local broking company, European Insurance Brokers. A second office was opened in Abu Dhabi in 2017. Howden Dubai which celebrates its tenth anniversary this year, is one of the top ten brokers in the local property, liability, employee benefits, marine trade credit and reinsurance markets.
Hyeprion, which was established in in London in 994, is today a leading, international insurance group. For the financial year ending October 2017, the group recorded $687mn revenue, $179mn EBITDA, and a market leading 8 per cent organic growth. Hyperion has demonstrated a pattern of impressive sustained growth-five-year compound annual growth rate (CAGR) is 37 per cent in respect of revenue and 49 per cent for EBITDA.
Last year, Howden Broking Group acquired a majority stake in New Generation Insurance Services LLC (NGIS) in Oman. The new entity was renamed Howden Insurance Brokers LLC, and Rajiv Arora, an industry veteran with over 30 years of experience, was roped in as the CEO for the newly formed venture.