GWP climbs 17% compared to 2006
DUAL International, the specialist underwriting agency, reported a 17% increase in gross written premiums from 2006, reaching €104 million for the financial year to September 2007.
Meanwhile, the company's capital provider, Arch Insurance Company Europe (Arch Europe), reported GWP in 2007 of US$4.14 billion, and a sustained rating of A (Excellent) from A.M Best and A from Standard & Poor’s.
Arch Europe has been providing capacity for DUAL International’s global portfolio since 2004.
Stephen Crowther, executive chairman of DUAL International said: "DUAL has enjoyed an excellent relationship with Arch Europe. Its financial strength and commitment to develop a stable, long-term partnership with DUAL has enabled us to retain our strong competitive advantage in the growing number of markets in which we operate, whilst maintaining DUAL’s tradition of providing its clients with access to first rate security.
“2008 promises to be another year of growth for DUAL. While the Spanish liability market has matured over recent years, the growth of the Spanish economy means that there are tremendous opportunities for profitable growth for DUAL to extend its presence in the country further. With the financial strength and support of Arch Europe we also plan to expand our territorial reach into the Asian markets over the coming months. It will be an exciting year for DUAL, and I am delighted that we have partnered with one of the best specialty capital providers to join us on our journey.”
Robert Van Gieson, president and chief executive of Arch Europe, said: “We are delighted to see such impressive results for both Arch Europe and DUAL. We continue to be impressed by the successful execution of DUAL’s business model and look forward to supporting DUAL in achieving its ambitions for profitable growth this year, and into the future.”
DUAL International is the specialist underwriting arm of the Hyperion Insurance Group, focused on underwriting business critical risks including D&O, Professional Liability, Employment Practice Liability, Computer Crime and Fraud. It currently operates through its subsidiaries in London, Spain, Germany, Italy and Australia.