UK-based insurance group Hyperion, which owns the Dual underwriting agency, has acquired Lloyd’s broker Windsor ahead of a planned 2013 stockmarket float.

Windsor will be combined with another Hyperion-owned Lloyd’s broker, Howden, to create one of the largest independent insurance and reinsurance brokers in the London market.

But a key investor has urged the group to delay its initial public offering (IPO) until economic conditions improve.

Brian Marsh, Chairman of venture capitalist BP Marsh – which owns a 16.19% stake in Hyperion – says the IPO should be delayed until at least the third quarter of next year.

“If you are floating a company you have to do so in a way and at a time that will attract the interest of potential shareholders,” Mr Marsh said when announcing BP Marsh’s annual results last week.

“When everyone is guarding their purse closely because they are panicking about the euro breaking into pieces, it is not a good time.”

But the Windsor acquisition almost doubles Hyperion’s pre-tax earnings from £18 million ($28.5 million) to £30 million ($47.5 million), and is seen as a significant step forward for its IPO plans.

Announcing the acquisition, Hyperion CEO David Howden said Windsor has “a great track record of organic growth and profitability”.

Outgoing Zurich Australia CEO Shane Doyle recently announced he will join Dual later this year to help prepare the company for the IPO.