DUAL pushes for more D&O growth by creating a strategic alliance with Newline
Specialist underwriting agency DUAL Corporate Risks has created a strategic alliance with Newline Syndicate 1218 at Lloyds. Syndicate 1218 will provide DUAL £10m of excess capacity. This is in addition to the highly profitable £10m programme that DUAL has with Arch Europe. This deal will enable DUAL to have £20m of capacity on any chosen D&O risk.
Russell Kilpatrick, Executive Chairman of DUAL Corporate Risks said: “I am very excited about our new relationship with Newline. This additional capacity furthers our dominance of the mid-market sector and allows our brokers the opportunity to sell more of our quality products. This will provide us with a much broader opportunity to exploit our profitable underwriting model.”
Phil Foley, Active Underwriter at Newline Syndicate 1218 said “We are delighted with our new association with DUAL. We are impressed with their management, people and products. They have a great reputation in the mid-market segment and we look forward to a long and profitable relationship.”
In order to drive both the Newline and Arch programmes DUAL have made four new appointments:
• Jeremy Isaacs, D&O Underwriting Manager, who joins from Axis
• James Gill, D&O Underwriter, who also joins from Axis
• Oliver Leonard, D&O Underwriter, who joins from Howden
• Rob Brooks, FI PI Assistant Underwriter, who joins from HSBC.
Mr. Kilpatrick added: “We have made these appointments to grow and develop our D&O programme. We welcome Jeremy and his team who have a broad range of skills and dynamism to continue the growth for our D&O portfolio. The team will focus on product development, technology and transactional efficiencies in order to drive profitable premium growth and continue our quality service offering.”
This is the latest in a number of new growth initiatives from DUAL, it includes the creation of a Property and Casualty division, securing capacity for Insurance Brokers PI and opening an office in Dublin.
ENDS
For further information please contact:
Michael Gaughan T: 020 7623 2368
M: 07796 140963
E: Michael.gaughan@fwdgroup.co.uk
Alexandra Thompson T: 020 7623 2368
M: 07798 898277
E: Alexandra.thompson@fwdpr.co.uk
Notes to Editors:
About DUAL Corporate Risks
DUAL Corporate Risks is the UK operation of 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 has become a well-established and respected leading underwriter with annual gross premiums of US$150 million and now employs over 120 people in the UK, Spain, Germany, Italy, Australia, Hong Kong, the Caribbean and the Americas.
The products offered by DUAL Corporate Risks are:
• Directors & Officers
• Professional Indemnity
• Crime
• Pension Trustee
• Investor Protection
• Office / Contents / EL & PL
About Hyperion Insurance Group
Established in 1994 and headquartered in the City of London, the Hyperion Insurance Group is a fast expanding, independently owned insurance and underwriting company. Since its inception it has grown to become a leading global provider of specialist insurances. Hyperion employs over 550 people in 40 offices operating out of 18 countries. The Group was awarded a Queen’s Award for Enterprise in International Trade in April 2007.
Hyperion was ranked 25th in the 2009 Insurance Times Top 50 UK Brokers league table and 10th in Post Magazine’s 2008 Top 25 City Brokers report. It was also ranked for the second year running in the 2008 Sunday Times Buyout Track 100.
Hyperion is backed by 3i, a world leader in private equity, who in April 2008 acquired a 27% shareholding in Hyperion. With access to 3i’s capital, along with its resources and expertise, Hyperion is looking to continue its fast pace of growth, both organically and through acquisitions. It is also backed by specialist private equity investor, BP Marsh & Partners plc, and Murofo Investments SL.