Hyperion Insurance Group chief executive David Howden described the move as ‘a game-changing moment’
MGA Dual has announced that it will be deploying its own group underwriting capital, alongside provisions from its existing capacity providers.
As part of this decision, Dual – which is part of the Hyperion Insurance Group – will also appoint Alan Telford as its new chief underwriting officer, effective from 1 November.
Telford will report to Dual’s chief executive Richard Clapham, who is currently performing both the chief underwriting officer and chief executive roles. Having Telford on board will enable Clapham to focus on Dual’s strategic priorities as the business develops.
Speaking on the news, Hyperion Insurance Group chief executive David Howden said: “This is a game-changing moment for Dual. Now, by providing capital to Dual, we move to the next stage of our underwriting journey at an exciting time for the group when we have also welcomed a new investor.
“I am thrilled that with this announcement, Dual takes the lead in defining what the underwriting business of the future looks like.
“Dual has made its mark by attracting best-in-class underwriting talent and by taking a differentiated approach to building distribution and embracing data and technology in order to deliver innovative products with speed and efficiency from operations in 16 countries to our 6,500 broker partners.”
Richard Clapham added: “Over the last four years we have made significant investments in our actuarial and analytical capabilities, as well as our service infrastructure and technology, to build out an agile and scalable underwriting platform with efficiency and performance centre stage.
“This has been critical on our path to continually dialling up the provision of innovative and expert underwriting and dialling down the frictional costs of insurance.
“Dual’s long-term partnerships with its capacity providers, some of which stretch back over two decades, have been critical to its success. The group’s commitment to providing capital to Dual is the next step in the bonding of these long-term relationships.
“I am delighted to welcome Alan as chief underwriting officer. He brings not only his wealth of experience but also his deep understanding of Dual from his previous role as CUO, commercial at Liberty Specialty Markets, one of Dual’s long-term capacity providers. He could not join us at a more exciting time.”