Relatively small scale of operations. Fragmented and competitive nature of insurance brokerage industry. Track record of resilient operations, despite cyclical nature of insurance market. High retention rates supported by ability to cross-sell services. Highly leveraged credit metrics. Positive free operating cash flow (FOCF) generation underpinned by the business' low capital intensity. No significant near-term debt maturities. The stable outlook on U.K.-based insurance intermediary firm Hyperion Insurance Group Ltd. (Hyperion) reflects our view that the company will continue to grow organically. We anticipate that it will do this by utilizing its wide geographic and product diversity to attract new customers and enable it to generate positive free operating cash flow of about £10 million. We could raise the rating if Hyperion
