LONDON, UK (12 August, 2010) – DUAL International, a leading specialist underwriting agency and an underwriting division of the Hyperion Insurance Group, has announced a long term strategic partnership with specialist insurer Hiscox Ltd (LSE:HSX) to provide up to 25% of DUAL’s capacity for its global portfolio, complementing its existing capacity arrangements with Arch Insurance.
Bob Van Gieson, Chief Executive of DUAL International, comments: “This new partnership represents a tremendously exciting step forward for the DUAL Group as we seek to expand beyond our traditional lines of business. It brings together the strength of DUAL’s distribution channels and the appetite Hiscox has for exploring profitable lines, whilst enabling us to maintain our tradition of providing our clients with access to quality capacity.
"We discussed opportunities with several parties, but the financial strength and security of Hiscox together with its appetite and willingness to develop a stable, long-term partnership made them our partner of choice. I firmly believe this strategic relationship will be pivotal in helping us achieve our ambitions."
Hiscox will provide capacity for the DUAL Group’s operations initially in the UK, Ireland, Italy and Australia. It is expected that other DUAL offices will join the strategic partnership in due course. Meanwhile Arch Insurance Company (Europe) Limited continues to be DUAL’s largest capacity provider.
Gary Head, UK Underwriting Director, Hiscox, adds: "This is an exciting new partnership for Hiscox, with a business that has a history of delivering very solid underwriting profits. The DUAL Group has a strong brand in the professional indemnity and directors and officers’ markets and a very experienced team of underwriters which is a natural fit for us."
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For further information:
Hiscox Ltd
About Hiscox
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.
For further information, visit www.hiscox.com
About DUAL International
DUAL International is a leading specialist underwriting agency, and the underwriting arm of the Hyperion Insurance Group. It is the London based headquarters for the DUAL Group which has offices in the UK, Ireland, Spain, Italy, Germany, Australia, Hong Kong and the Americas. It is committed to delivering insurance solutions to the mid-market sector, and writes over GBP 145 million worth of insurance, with capacity from Arch Insurance Company (Europe) Ltd, and Hiscox.
For more information contact: Sarah-Jayne Douglas at Spotlight Communications on 07909 546104 or at sj@spotlightcomms.co.uk