Hiscox to provide 25% of Dual's global capacity
Dual International, the underwriting division of the Hyperion Insurance Group, has sealed a long term strategic partnership with Hiscox to provide up to 25% of Dual’s capacity for its global portfolio.
The deal adds to Dual's existing capacity arrangements with Arch Insurance, which will continue to be Dual’s largest capacity provider.
Dual International chief executive, Bob Van Gieson, said: “This new partnership represents a tremendously exciting step forward for the Dual Group as we seek to expand beyond our traditional lines of business.
"It brings together the strength of Dual’s distribution channels and the appetite Hiscox has for exploring profitable lines, whilst enabling us to maintain our tradition of providing our clients with access to quality capacity.
“We discussed opportunities with several parties, but the financial strength and security of Hiscox together with its appetite and willingness to develop a stable, long-term partnership made them our partner of choice. I firmly believe this strategic relationship will be pivotal in helping us achieve our ambitions.”
Hiscox will provide capacity for the Dual Group’s operations initially in the UK, Ireland, Italy and Australia.
It is expected that other Dual offices will join the strategic partnership in due course.
Gary Head, UK underwriting director at Hiscox, added: “This is an exciting new partnership for Hiscox, with a business that has a history of delivering very solid underwriting profits.
"The Dual Group has a strong brand in the professional indemnity and directors and officers’ markets and a very experienced team of underwriters which is a natural fit for us.”