UK-based broker and underwriting group Hyperion has acquired a 55% stake in specialist marine broker FP Group.

FP Group is based in Hong Kong and has branches in Sydney, Melbourne, London, Beijing and Taipei. 

Hyperion CEO David Howden says the deal will “give FP’s clients access to our global distribution network and broader product capabilities and our clients access to FP’s specialist knowledge”. 

Hyperion, which owns broker Howden and underwriter Dual, has been aggressively expanding in Asia, and Mr Howden says the FP deal is “another important part of our expansion into Asia, and a major step in our combined goal of creating an aligned, powerful, world-leading marine broking capability”.

Locally, FP Marine was embroiled in controversy last year with the NSW Supreme Court banning former OAMPS marine specialists Andrew Glover and Simon Gosnell from moving to FP Marine until March 29.

The ruling came after the brokers joined FP after a period of gardening leave on September 12, the same day OAMPS received a letter from two clients saying they were moving their business to FP Marine. 

OAMPS subsequently took legal action, citing restraint clauses in the men’s employment contracts.