UK-based Hyperion Insurance Group has created a new technology division to develop data, analytics and digital delivery platform.

Dubbed Hyperion X, the new unit is the company’s fourth business. It will be launched on 1 January next year.

Besides managing Hyperion’s third-party insurtech investments, Hyperion X will also incubate its own start-up ventures.

Hyperion said that the new technology division will operate together with its existing broking businesses including Howden Broking Group and RKH Specialty as well as MGA DUAL.

The company has appointed Barnaby Rugge-Price as the CEO and Elliot Richardson as chairman of the new division.

Hyperion CEO David Howden said: “Hyperion X is a clear demonstration of our continued commitment to delivering the best solutions for our clients in the most cost-effective way.

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“As a group, we have always embraced change. For us to continue as independent leaders in the markets in which we operate, investment in technology and data is critical.

“By combining our expertise in international insurance markets with improved business insights from data, we aim to enhance the products and services that we offer to our clients, to reduce the unacceptably high cost of doing business and to open up new markets.”

Additionally, Andy Bragoli will assume the role of CEO and Rugge-Price as chairman of RKH effective 1 January, while Richardson will continue to lead RKH’s reinsurance business, the company said.

At present, Bragoli is serving as deputy CEO of RKH and has led RKH’s property and casualty business since its acquisition by Hyperion in 2015.