DUAL Australia secures strategic partnership with Arch
DUAL Australia, part of the DUAL Group, has announced that it is now
underwriting on behalf of Lloyd’s (Arch Syndicate 2012). DUAL Australia is now one of the top two Lloyd’s cover-holders in Australia, bringing AU$60 million of new business into Lloyd’s.
The transfer to a Lloyd’s platform has enabled DUAL Australia to immediately expand its product range, and it has now entered the corporate accident and health insurance market. DUAL Australia has recruited Clinton Evans and Dominic Brannigan, both formerly of ACE Insurance, to lead this product expansion. Until now the DUAL Group’s offices have focused purely on financial lines; this is
its first foray into other complementary lines of business.
Damien Coates, Managing Director of DUAL Australia, comments: “While we have enjoyed a successful relationship with our local capacity provider, we believe that the Lloyd’s platform will enable our continued expansion both in terms of products and geographically. We feel this important change will ensure that the phenomenal growth which DUAL Australia has achieved in the first five years of operation will continue in the years ahead.”
Bob Van Gieson, Chief Executive of DUAL International, comments: “This new arrangement has real synergy with the strategic direction announced by Lloyd’s earlier this month. The coverholder channel is going to become increasingly important in terms of bringing additional income to the London market. We are therefore particularly pleased to be working with Arch in Australia to immediately
deliver AU$60 million of new business into Lloyd’s. The arrangement, however, doesn’t just benefit London. Being able to offer stronger A+ rated capacity and the security that Lloyd’s represents together with local APRA authorisation will be of significant value to our clients in Australia.”
DUAL Australia with offices in Sydney, Melbourne, Perth and Brisbane has been operating for five years focusing on the mid-market and has an annual premium base which is expected to exceed AU$60 million in 2010, servicing over 12,000 Australian policyholders.
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