DUAL International secures strategic partnership with MSIG Insurance
DUAL International secures strategic partnership with MSIG Insurance (Hong Kong) Ltd
DUAL International, a leading specialist underwriting agency and the underwriting division of the Hyperion Insurance Group, has announced a strategic partnership between its Hong Kong office, DUAL Asia, and MSIG Insurance (Hong Kong) Ltd, to provide financial lines products for mid market companies in Asia.
DUAL International is an attractive partner for insurers looking to extend their business into financial lines and other products in new territories – its global reach already extends across Europe, Australia and South America, and this agreement now signals the further expansion of its specialist lines. In the current global economic climate MSIG offers exceptional financial strength for the Asian market with an unusually high Standard & Poor’s rating of AA-.
Stephen Crowther, Executive Chairman of DUAL International, comments: “The financial crisis has brought increased awareness amongst insurance buyers of the importance of an insurer’s financial strength. MSIG’s impressive strength and penetration into the local market, combined with DUAL’s recognised expertise in financial lines insurance for the mid-market, will ensure a highly successful partnership. DUAL Asia is now fully equipped with a strong facility and market expertise in providing D&O and PI products specifically tailored to meet the needs of the middle market in the region.”
The Hong Kong office of DUAL Asia is the DUAL group’s first footprint in the region and will be a hub for its future growth in the Asia-Pacific territory.
Stephen Crowther continues: “There is a growing demand for financial lines insurance in Asia. The rise in D&O and PI claims has accelerated as a result of the financial crisis and has demonstrated why directors, officers, professionals and consultants need first class protection. Throughout the world DUAL transacts business with relatively low premiums efficiently and it is our extremely high service levels that enable our agents to trade with us profitably and, as a consequence, enables us to access good quality accounts.”
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NOTES TO EDITORS
For more information or to arrange an interview with Stephen Crowther please contact S-J Douglas at Spotlight Communications Tel : 07909546104
e-mail: sj@spotlightcomms.co.uk
About DUAL International
Established in 1998, 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. DUAL International employs over 100 people in 18 countries throughout the world, and has become a well-established and respected leading underwriter with annual gross premiums of US$125M.
DUAL Asia is committed to delivering innovative insurance solutions and through trusted relationships with professional business partners, DUAL understands that its clients and brokers require local underwriting knowledge and expertise in financial lines and has met this demand through the establishment of a number of underwriting offices. DUAL has expanded rapidly and has operations in the UK, Spain, Italy, Germany, Australia and Asia.
About MSIG Insurance (Hong Kong) Limited
MSIG Insurance (Hong Kong) Limited ("MSIG"), has been providing general insurance solutions and products to our customers in Hong Kong for more than 150 years, with our network of operations dating as far back as 1855.
In Hong Kong, MSIG, a wholly-owned subsidiary of Mitsui Sumitomo Insurance Company, Limited ("MSIG"), is highly reputed for our long-standing industry experience and market knowledge. Being granted AA- by Standard & Poor's, we offer multiple channels of sales and services to our valued customers. We operate through an extensive distribution network including agents, brokers, bancassurance alliances with leading banks and direct Japanese clients.
Coupled with our committed and professional business partners, we at MSIG are committed to delivering high level of services to our customers. We provide a wide range of general insurance products covering Property, Marine Cargo, Personal Accident, Motor, Liability, Home Contents, Healthcare, Personal Effects, the recent launch of Professional Risks and other classes of casualty business, meeting both commercial and personal needs of our customers.
Having journeyed through various phases of changes and growth, MSIG now has one of the most extensive and largest general insurance network and distribution channels and our market position in the Asian region has significantly been strengthened.
MSIG is one of the top three general insurers in Asia. As at 31 March 2008, MSIG has worldwide net premiums exceeding US$15.4 billion and more than US$83.9 billion in assets. MSIG operates in 39 countries and regions worldwide, of which 16 are in the Asia Pacific.