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Hyperion, an international insurance group, is to launch new products and expand into new geographical territories after securing an eight figure investment.

The company is to expand its business across the Middle East and Asia after private equity group 3i injected £50 million into the company.

3i has bought a minority stake and will take a seat on Hyperion’s board following the deal, which has valued the company at more than £120 million.

Hyperion founder and chief executive David Howden said it was important that 3i shared his growth ambitions. “3i’s global network and management expertise, combined with its financial strength, will help us to achieve a faster pace of international growth, organically and through acquisitions.”

This is 3i’s latest investment in the financial services sector, which has included funding businesses in the past 18 months, such as Jelf Group, ACR, BestInvest, Fulcrum, KNEIP and Gain Capital.

3i director Gordon Hague said he is backing Hyperion due to its strong market position. “This investment is typical of 3i’s style; equity rather than debt, full alignment of interests, an entrepreneur retaining control of the business, with 3i bringing its international network to support the next phase of growth.”

Hyperion, established in 1994, focuses on specialist insurances, such as professional indemnity and directors’ and officers’ liability. Its subsidiaries include Howden, DUAL and CFC, which serve clients in 50 countries from offices throughout Europe, Scandinavia, the Middle East, Asia, the Americas and Australia.

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