VK Underwriting to become part of DUAL International
Hyperion Insurance Group has announced that its Miami-based subsidiary, VK Underwriting LLC, has moved to become part of the group’s global specialist underwriting agency, DUAL International.
It is expected that under the DUAL group VK Underwriting will be able to grow faster as it leverages the geographical spread and accumulated knowledge of DUAL International’s offices. GWP at DUAL is set to break through £100m for the current financial year.
VK Underwriting LLC is an independent Managing General Agent for Latin America and the Caribbean, providing a range of specialist insurances on behalf of capacity providers. With representative offices in Colombia, Argentina and Mexico, the operation focuses on Directors’ & Officers’, Professional Indemnity and General Liability business, underwriting on behalf of US carriers and underwriters at Lloyd’s.
In time it is expected that VK Underwriting will re-brand as DUAL, but for the time being the company will retain its current name, and Matthew Kelly will continue as managing director.
Kelly said: “This is another step in the evolution of the underwriting unit in Miami which has grown from a broker with an underwriting authority to a fully-fledged MGA. There are clear benefits from belonging to the larger DUAL group with its established reputation and relationships which will complement our growing team and allow us to achieve our ambitious growth objectives whilst maintaining profitability.”
Stephen Crowther, executive chairman of DUAL International said: “I am delighted to welcome Matt and his team into the strong DUAL Group. This is a great opportunity for both DUAL and VK Underwriting to leverage each others’ insurer contacts and product knowledge etc. We are now represented on four continents and with the ever-increasing range of products that we can now market we are building an almost unique distribution capability that makes us evermore attractive to insurers looking to roll out new initiatives internationally.”
DUAL International will now operate in the following territories: UK, Spain, Germany, Italy, Australia, Hong Kong, the Caribbean and the Americas.