German and Australian operations boost Dual performance
Dual chalked up an rise of 20% in gross written premiums (GWP) for the period October 2006 to March 2007, with figures surpassing €52 million.
Dual’s directors and officers' (D&O) book remained buoyant across all its operations, with 40% of new business produced being from first-time buyers of liability products.
Key contributions to Dual’s continued growth over the six-month period were made by two of the most recent additions to the group’s operations.
Dual Deutschland grew GWP by 82% versus the same period in 2005/6. Dual established its operation in Cologne at the end of 2005 having identified considerable scope for growth in the German regional markets as greater awareness of the benefits of D&O cover has begun to take hold among the burgeoning SME market.
Dual Australia also grew GWP by 41%.
Dual forecasts strong growth potential of the professional liability market in Australia owing to the lack of penetration into the SME market segment, and increased awareness of the benefits of D&O cover.
Stephen Crowther, executive chairman of Dual International, said: “These results represent a further demonstration of the strength of our business model and the ability of our teams around the world to develop new opportunities in what continues to be a challenging marketplace.
"They reflect our focus on writing a stable book of profitable business. By maintaining our focus on the mid-market sector and delivering the professional service that our partners around the world have come to expect, I am confident that Dual is well positioned to achieve its targets for the remainder of the year.”