UK-based Hyperion Insurance Group has posted a 19% rise in revenue to £199 million ($386 million) for the year to September 30.

Profit after tax fell 55% to £4.5 million ($8.7 million) due to a refinancing program implemented in October, the group says.

“The soft market continues to shape behaviour, with pricing in many areas remaining under pressure,” CEO David Howden said. “On the broking side, consolidation continues apace, bringing concentrated competition to the fore.”

Hyperion – the parent of underwriting agency Dual and broker Howden – expects business conditions to remain tough globally.

Mr Howden says organic growth and integration are crucial.

“We are seeing fantastic examples of collaborative working across the group, and some strong retention and new business wins.”

“It is absolutely critical to our long-term sustainable growth that our operation delivers double-digit organic growth – and in this very dynamic period in insurance we are positioning ourselves well to achieve this.”